Information from the financial statements of Park-Rao Industries included the following at December 31, 2024:

Park-Raos net income for the year ended December 31, 2024, is $860 million. The income tax rate is 25%. Park-Raos paid dividends of $2 per share on its preferred stock during 2024.

Required:

Compute basic and diluted earnings per 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.

Common shares outstanding throughout the year Convertible preferred shares (convertible into 16 million shares of common) Convertible 8% bonds (convertible into 18.5 million shares of common) 100 million 50 million $2,300 million \begin{tabular}{|c|c|c|c|c|c|} \hline & Numerator & & Denominator & = & Earnings per share \\ \hline Basic & & & & = & \\ \hline Diluted & & & & = & \\ \hline \end{tabular}