14. Shipley Corporation had net income for the year of $480k and a weighted average number of common shares outstands during the period of 200,000 shares. The company has a convertible bond issue outstanding. The bonds were used four years ago at face ($2,000,000), carry a 7% interest rate, and are convertible into 40,000 shares of common stock. The company has a 40% tax rate. Diluted earnings per share are