RS Co is a calender year firm with 120 million common shares outstanding throughout 201X. In 201X, RS began granting employees stock awards rather than stock options as part of its equity compensation plans and granted 6 million restricted common shares to senior executives at January 1, 201X. The shares vest four years later. The fair value of the stock was $12 on grant date. The price of the common shares averaged $15 during 201X.

The restricted stock does not qualify as an incentive plan for tax purposes. The companies net income is $480 million in 201X. Its income tax rate is 40%. Determine the basic and diluted earnings per share for RS for 201X.