On December $31,2026,$ Dow Steel Corporation had $630,000$ shares of common stock and $303,000$ shares of $7\%,$ noncumulative, nonconvertible preferred stock issued and outstanding. Dow issued a $4\%$ common stock dividend on May $15$ and paid cash dividends of $$430,000$ and $$72,000$ to common and preferred shareholders, respectively, on December $15,2027.$ On February $28,2027,$ Dow sold $54,000$ common shares. In keeping with its long$-$term share repurchase plan, $2,000$ shares were retired on July $1.$ Dow's net income for the year ended December $31,2027,$ was $$2,250,000.$ The income tax rate is $25\%.$ As part of an incentive compensation plan, Dow granted incentive stock options to division managers on December $31$ of the current and each of the previous two years. Each option permits its holder to buy one share of common stock at an exercise price equal to market value at the date of grant and can be exercised one year from that date. Information concerning the number of options granted and common share prices follows: Date GrantedOptions GrantedShare Price$($adjusted for the stock dividend$)$December $31,202510,000$$ $12$December $31,20265,000$$ $21$December $31,20278,500$$ $20$ The market price of the common stock averaged $$20$ per share during $2027.$ Required: Compute Dow's basic and diluted earnings per share for the year ended December $31,2027.$ Information from the financial statements of Park$-$Rao Industries included the following at December $31,2027$:

Park$-$Rao's net income for the year ended December $31,2027,$ is $\backslash (\backslash$$ $880\backslash )$ million. The income tax rate is $\backslash (25\backslash \%\backslash ).$ Park$-$Rao's paid dividends of $\backslash$$$2$ per share on its preferred stock during $2027.$

Required:

Compute basic and diluted earnings per share for the year ended December $31,2027.$

Note: Do not round Intermedlate calculations. Except for per share amounts, enter your answers In millions $($l$.$e$.,10,000,000$ should be entered as $10).$ Round "Earnings per share" answers to $\backslash (\backslash$mathbf$\{2\}\backslash )$ declmal places.