During 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 30 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 2017 based on the earnings of McCollum in 2017. If net income exceeds $130 million, the president will receive 1 million shares; 2 million shares if net income exceeds $140 million.
Mar. 31	Issued 4 million shares in exchange for plant facilities.

Net income for 2016 was $132 million.

Compute basic and diluted earnings per share for the year ended December 31, 2016.