On December 31, 2023, Berclair Inc. had 200 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding.
∙ On March 1, 2024, Berclair purchased 24 million shares of its common stock as treasury stock.
∙ Berclair issued a 5% common stock dividend on July 1, 2024.
∙ Four million treasury shares were sold on October 1.
∙ Net income for the year ended December 31, 2024, was $150 million.
∙ The income tax rate is 25%.
∙ Also outstanding at December 31 were incentive stock options granted to key executives on September 13, 2019.

∙ The options are exercisable as of September 13, 2023, for 30 million common shares at an exercise price of $56 per share.
∙ During 2024, the market price of the common shares averaged $70 per share.
∙ In 2020, $50 million of 8% bonds, convertible into 6 million common shares, were issued at face value.

Required:
Compute Berclair’s basic and diluted earnings per share for the year ended December 31, 2024.