At January 1, 2016, Canaday Corporation had outstanding the following securities: 650 million common shares 25 million 6% cumulative preferred shares, $50 par 4% convertible bonds, $3,000 million face amount, convertible into 50 million common shares The following additional information is available: On September 1, 2016, Canaday sold 69 million additional shares of common stock. Incentive stock options to purchase 80 million shares of common stock after July 1, 2015, at $10 per share were outstanding at the beginning and end of 2016. The average market price of Canadays common stock was $16 per share during 2016. Canaday's net income for the year ended December 31, 2016, was $1,496 million. The effective income tax rate was 40%. Required: 1. & 2. Calculate basic and diluted earnings per common share for the year ended December 31, 2016.