At January 1, 2024, M. E. Gainor Corporation had outstanding the following securities: 760 million common shares 20 million 6% cumulative preferred shares, $50 par 6.4% convertible bonds, $3,000 million face amount, convertible into 90 million common shares The following additional information is available:

On September 1, 2024, M. E. Gainor sold 81 million additional shares of common stock.

Incentive stock options to purchase 50 million shares of common stock after July 1, 2023, at $10 per share, were outstanding at the beginning and end of 2024. The average market price of Gainors common stock was $20 per share during 2024.

Gainor's net income for the year ended December 31, 2024, was $2,194 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.