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On December 31, 2015, Warren Industries had 300 million shares of common stock and 2 million shares of 8%, noncumulative, nonconvertible preferred stock issued and outstanding. Warren issued a 4% common stock dividend on April 30 and paid cash dividends of S200 million and $39 million to common and preferred shareholders, respectively, on December 15, 2016. On March 1, 2016, Warren sold 30 million common shares. Also, as part of a 2015 agreement for the acquisition of RW, Inc., another 13 million shares (already adjusted for the stock dividend) are to be issued to former RW shareholders on December 31, 2017, if RW's 2017 net income is at least $250 million. In 2016, RW's net income was $290 million. In keeping with its long-term share repurchase plan, 2 million shares were retired on June 30 Warren's net income for the year ended December 31, 2016, was $1,050,000,000. The income tax rate is 40%. As part of an incentive compensation plan, Warren granted incentive stock options to division managers at December 31 of the current and each of the previous two years. Each option permits its holder to buy one share of common stock at an exercise price equal to market value at the date of grant and can be exercised one year from the grant date. Information concerning the number of options granted and common share prices follows: Date granted Options granted Share price (adjusted for the stock dividend) December 31, 2014 December 31, 2015 December 31, 2016 4 million 2 million 3 million $24 S34 $30 The market price of the common stock averaged $32 per share during 2016. On July 12, 2017, Warren issued $400 million of convertible 10% bonds at face value. Eac $1,000 bond is convertible into 30 common shares (adjusted for the stock dividend). Compute Warren's basic and diluted earnings per share for the year ended December 31, 2016. Required arren's