ACC 304 EPS In-Class Problem 4 On December 31, 2016, DePaul had 200 million shares of common stock and 3 million shares of996, $100 par value cumulative preferred stock issued and outstanding. DePaul issued a 5% common stock dividend on July 1, 2017, On March 1, 2017, DePaul purchased 24 million shares of its common stock as treasury stock. Four million shares were sold on October 1, 2017. Net income for the year ended December 31, 2017 was $150 million. Also outstanding at December 31, 2016 were stock options granted to key executives on September 1, 2016. The options are exercisable for 30 million common shares at an exercise price of $56 per share. During 2017, the market price of the common stock average $70 per share. The options were exercised on September 1, 2017. Required: Compute Basic and Diluted EPS for the year ended December 31, 2017