At january 1, 2016, canaday corporation had outstanding the following securities:
600 million common shares
20 million 6% cumulative preferred shares, $50 par
8% convertible bonds, $2,000 million face amount, convertible into 80 million common shares
the following additional information is available:
• on september 1, 2016, canaday sold 72 million additional shares of common stock.
• incentive stock options to purchase 60 million shares of common stock after july 1, 2015, at $12 per share were outstanding at the beginning and end of 2016. the average market price of canaday’s common stock was $18 per share during 2016.
• canaday's net income for the year ended december 31, 2016, was $1,476 million. the effective income tax rate was 40%.
required:
1. & 2.
calculate basic and the diluted earnings per common share for the year ended december 31, 2016.(enter your answers in millions (i. e., 10,000,000 should be entered as