At December 31, 2024, the financial statements of Clevenger Casting Corporation included the following:

Net income for 2024 $500 million

Common stock, $1 par:

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 work to receive full credit)