How do I find depth and height of all nodes in a bounded semilattice?

Question

I'm writing a program where I have a bounded semilattice (it has a root element at the top, all edges point downwards, and a node may have multiple parents). I need to precompute each node's depth (the max number of edges from the root node) and height (the max number of edges to any leaf). I have a naive implementation for just the heights where every node is compared to all it's descendants, so probably O(n^2). What is a faster algorithm that computes both height and depth?