On 31^st December, 2012, Berclair Inc. had 200 million shares of common stock and 3 million shares of 9 percent, $100 par value cumulative preferred stock issued and outstanding. On 1^st March, 2013, Berclair purchased 24 million shares of its common stock as treasury stock. Berclair issued a 5 percent common stock dividend on 1^st July, 2013. Four million treasury shares were sold on 1^st October. Net income for the year ended 31^st December, 2013, was $150 million. The income tax rate is 40%.

Also outstanding at 31^st December was incentive stock options granted to key executives on September 13, 2008. The options are exercisable as of 13^th September, 2012, for 30 million common shares at an exercise price of $56 per share. In 2013, the market price of the common shares averaged $70 per share $62.5 million of 8% bonds, convertible into 6 million common shares, were issued at face value in 2009.

Required:

Evaluate Berclair's basic and diluted earnings per share for the year ended 31^st December, 2013.