Information from the financial statements of Henderson-Niles Industries included the following at December 31, 2011:
Henderson-Niles' net income for the year ended December 31, 2011, is $520 million. The income tax rate is 35%. Henderson-Niles paid dividends of $1 per share on its preferred stock during 2011.
Required:
Compute basic and diluted earnings per share for the year ended December 31, 2011.