At January 1, 2021, Canaday Corporation had outstanding the following securities:

Table Summary: Summary

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, 2021, Canaday sold 72 million additional shares of common stock.

• Incentive stock options to purchase 60 million shares of common stock after July 1, 2020, at $12 per share, were outstanding at the beginning and end of 2021. The average market price of Canadays common stock was $18 per share during 2021.

• Canadays net income for the year ended December 31, 2021, was $1,476 million. The effective income tax rate was 25%.

Required:

1. Calculate basic earnings per common share for the year ended December 31, 2021.

2. Calculate the diluted earnings per common share for the year ended December 31, 2021.