At January $1,2024,$ M$.$ E$.$ Gainor Corporation had outstanding the following securities:

$770$ million common shares

$20$ million $6\%$ cumulative preferred shares, $$50$ par

$6\mathrm{.}4\%$ convertible bonds, $$3,500$ million face amount, convertible into $60$ million common shares

The following additional information is available:

$$On September $1,2024,$ M$.$ E$.$ Gainor sold $84$ million additional shares of common stock.

$$Incentive stock options to purchase $60$ million shares of common stock after July $1,2023,$ at $$12$ per share, were outstanding at the beginning and end of $2024.$ The average market price of Gainor's common stock was $$18$ per share during $2024.$

$$Gainor$\text{'}$s net income for the year ended December $31,2024,$ was $$2,798$ million. The effective income tax rate was $25\%.$

Required:

$1.$ & $2.$ Calculate basic and the diluted earnings per common 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.

Basic: Numerator $/$ Denominator

$=$ Earnings per share $($$$3\mathrm{.}43)$

Diluted: Numerator $/$ Denominator $=$ Earning per share

Solve equation