How to go about this?

On December 31, year 5, Weller Inc. had 200 million shares of common stock and 3 million share of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 3, year 6, Weller purchased 24 million shares of its common stock as treasury stock. Weller issued a 5% common stock dividend on July 1, year 6. Four million treasury shares were sold on October 1. Net income for the year ended December 31, year 6, was $160 million. Also outstanding at December 31 were incentive stock options granted to key executives on September 13, year 1. The options were exercisable as of September 13, year 5, for 30 million common shares at an exercise price of $53 per share. During year 6, the market price of the common shares averaged $66 per share. The options were exercised on September 1, year 6. Required: Compute Weller's basic and diluted earnings per share for the year ended December 31, year 6