E$.$ At December $31,2024,$ M Corporation had outstanding $200,000$ shares of common stock. Also outstanding were $120,000$ shares of preferred stock convertible into $64,000$ common shares and $$1,800,000$ of $10\%$ bonds convertible into $40,000$ common shares. M$\text{'}$s net income for the year ended December $31,2024,$ is $$1,040,000.$ The income tax rate is $25\%.$ M 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 $31,2024.$