At December 31, 2024, the financial statements of Clevenger Casting Corporation included the following: Net income for 2024 Common stock, $1 par: $500 million Shares outstanding on January 1 150 million shares Shares retired for cash on February 1 24 million shares. Shares sold for cash on September 1 18 million shares 2-for-1 split on July 23 Preferred stock, 10%, $70 par, cumulative, nonconvertible $70 million Preferred stock, 8%, $50 par, cumulative, convertible into 4 million shares of common stock $100 million Bonds payable, 10%, convertible into 20 million shares of common stock $200 million Incentive stock options outstanding, fully vested, for 4 million shares of common stock; the exercise price is $15 Additional data: The market price of the common stock averaged $20 during 2024. The convertible preferred stock and the bonds payable had been issued at par in 2022. The tax rate for the year was 25%. Required: Compute basic and diluted earnings per share for the year ended December 31, 2024. (You must show your complete