Use the same information as in BE17.15, but assume that the 10% bonds are convertible into 10,000 common shares. Calculate Thiessen’s 2023 diluted earnings per share. Round to the nearest cent.

BE17.15

Thiessen Corporation earned net income of $300,000 in 2023 and had 100,000 common shares outstanding throughout the year. Also outstanding all year was $800,000 of 10% bonds that are convertible into 26,000 common shares. Thiessen’s tax rate is 25%. Calculate Thiessen’s 2023 diluted earnings per share. Round to the nearest cent. For simplicity, ignore the IFRS requirement to record the debt and equity components of the bonds separately.