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At January 1 , 2 0 2 4 , M . E . Gainor Corporation had outstanding the following securities: 6 0 0 million common

At January 1,2024, M. E. Gainor Corporation had outstanding the following securities:
600 million common shares
20 million 6% cumulative preferred shares, $50 par
6.4% convertible bonds, $2,000 million face amount, convertible into 80 million common shares
The following additional information is available:
On September 1,2024, M. E. Gainor sold 72 million additional shares of common stock.
Incentive stock options to purchase 60 million shares of common stock after July 1,2023, at $12 per share, were outstanding at the beginning and end of 2024. The average market price of Gainors common stock was $18 per share during 2024.
Gainor's net income for the year ended December 31,2024, was $1,476 million. The effective income tax rate was 25%.
Required:
1. & 2. Calculate basic and the diluted earnings per common share for the year ended December 31,2024.
Note: Do not round intermediate calculations. Except for per share amounts, enter your answers in millions (i.e.,10,000,000 should be entered as 10). Round "Earnings per share" answer to 2 decimal places.
Required:
& 2. Calculate basic and the diluted earnings per common share for the year ended December 31,2024.
Note: Do not round intermediate calculations. Except for per share amounts, enter your answers in millions (i.e.,10,000,000
should be entered as 10). Round "Earnings per share" answer to 2 decimal places.
Answer is complete but not entirely correct.
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