At December 31, 2016, the financial statements of Hollingsworth Industries included the following:

Net income for 2016

$560 million

Bonds payable, 10%, convertible into 36 million shares of common stock

$300 million

Common stock:

Shares outstanding on January 1

400 million

Treasury shares purchased for cash on September 1

30 million

Required:

Compute basic and diluted EPS for the year ended December 31, 2016