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At January 1,2024, M. E. Gainor Corporation had outstanding the following securities: ...

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Accounting

At January 1,2024, M. E. Gainor Corporation had outstanding the following securities:
600 million common shares
20 million 6% cumulative preferred. shares, $50 par
6.4% convertible bonds, $2,000 million face amount, convertible into 80 million common shares
The following additional information is available:
On September 1,2024, M. E. Gainor sold 72 million additional shares of common stock.
Incentive stock options to purchase 60 million shares of common stock after July 1,2023, at $12 per share, were outstanding at the beginning and end of 2024. The average market price of Gainor's common stock was $18 per share during 2024.
Gainor's net income for the year ended December 31,2024, was $1,476 million. The effective income tax rate was 25%.
Required:
& 2. Calculate basic and the diluted earnings per common share for the year ended December 31,2024.
Note: Do not round intermediate calculations. Except for per share amounts, enter your answers in millions (i.e.,10,000,000 should be entered as 10). Round "Earnings per share" answer to 2 decimal places.
\table[[,Numerator,,Denominator,=,Earnings per share],[Basic,,,,=,],[Diluted,,,,=,]]
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