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

Common shares outstanding throughout the year	100	million
Convertible preferred shares (convertible into 25 million shares of common)	80	million
Convertible 8% bonds (convertible into 19.5 million shares of common)	$ 2,900	million

Park-Raos net income for the year ended December 31, 2024, is $980 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.