Information from the financial statements of Henderson-Niles Industries included the following at
December 31, 2021:

Common shares outstanding throughout the year ................................................100 million
Convertible preferred shares (convertible into 32 million shares of common) ....60 million
Convertible 8% bonds (convertible into 13.5 million shares of common) ............$ 900 million

Henderson-Niles’s net income for the year ended December 31, 2021, is ...........$520 million. 

The income tax rate is 25%. Henderson-Niles paid dividends of $2 per share on its preferred stock during 2021.

Required:
Compute basic and diluted earnings per share for the year ended December 31, 2021.