During 2021, its first year of operations, McCollum Tool Works entered into the following transactions relating to shareholders’ equity. The corporation was authorized to issue 100 million common shares, $1 par per share.

Jan. 2 Issued 35 million common shares for cash.
3 Entered an agreement with the company president to issue up to 2 million additional shares of common stock in 2022 based on the earnings of McCollum in 2022. If net income exceeds $140 million, the president will receive 1 million shares; 2 million shares if net income exceeds $150 million.
Mar. 31 Issued 4 million shares in exchange for plant facilities.

Net income for 2021 was $148 million.

Required:
Compute basic and diluted earnings per share for the year ended December 31, 2021.