A company earned net income of $1,869,131 in 2019 and had 200,000 shares of common stock outstanding on January 1, 2019. The tax rate is 22% and the common stock sold at an average market price of $24 per share during the period.

The company had the following transactions affecting common shares outstanding during the year:

Issued 40,000 shares of common stock on April 1, 2019

Repurchased 6,000 shares of common stock on June 1, 2019

Had a 2 for 1 stock split on August 1, 2019

Issued 30,000 shares of common stock on November 1, 2019

The company also had the following items outstanding:

20,000 stock options that could be exercised to purchase one share of common stock for $9 for each option exercised.

70,000 shares outstanding of $100 par 4% cumulative, convertible preferred stock, which are convertible into 140,000 shares of common stock

The company did not declare a dividend in 2019 even though it had cumulative preferred stock.

Compute the company's 2019 diluted earnings per share. Round to 2 decimal places (#.##).