Exercise 19-19On December 31, 2020, Berclair Inc., had 200 million shares ofcommon stock and 3 million shares of 9%, $100 par value cumulativepreferred stock issued and outstanding. On March 1, 2021, Berclairpurchased 24 million shares of its common stock as treasury stock.Berclair issued a 5% common stock dividend on July 1, 2021. Fourmillion treasury shares were sold on October 1. Net income for the yearended December 31, 2021 was $150 million. Income tax rate is 25%.Also outstanding at December 31 were incentive stock options grantedto key executives on September 13, 2016. The options are exercisableas of September 13, 2020, for 30 million common shares at an exerciseprice of $56 per share. During 2021, the market price of the commonshares averaged $70 per share.In 2017, $50 million of 8% bonds convertible into 6 million commonshares, were issued at face value.Compute Berclair’s basic and diluted earnings per share for the yearended December 31, 2021.