$($Note: This is a variation of E $19-16,$ modified to include the exercise of stock options.$)$

On December $31,2020,$ Berclair Inc. had $200$ million shares of common stock and $3$ million shares of

$9\%,$$$100$ par value cumulative preferred stock issued and outstanding. On March $1,2021,$ Berclair purchased

$24$ million shares of its common stock as treasury stock. Berclair issued a $5\%$ common stock dividend on

July $1,2021.$ Four million treasury shares were sold on October $1.$ Net income for the year ended December $31,$

$2021,$ was $$150$ million. Incomi?

Also outstanding at December $31$ werd $30$ million incentive stock options granted to key executives on

September $13,2016.$ The options were exercisable as of September $13,2020,$ for $30$ million common shares at

an exercise price of $$56$ per share. During $2021,$ the market price of the common shares averaged $$70$ per share.

The options were exercised on September $1,2021.$

Required:

Compute Berclair's basic and diluted earnings per share for the year ended December $31,2021.$