During $2018,$ its first year of operations, McCollum Tool Works entered into the following transactions relating to shareholders$$ equity. The corporation was authorized to issue $100$ million common shares, $$1$ par per share.

Jan. $2$ Issued $35$ million common shares for cash.

$3$ Entered an agreement with the company president to issue up to $2$ million additional shares of common stock in $2019$ based on the earnings of McCollum in $2019.$ If net income exceeds $$140$ million, the president will receive $1$ million shares; $2$ million shares if net income exceeds $$150$ million.

Mar. $31$ Issued $4$ million shares in exchange for plant facilities.

Net income for $2018$ was $$148$ million.

Required:

Compute basic and diluted earnings per share for the year ended December $31,2018.$