ABC Corporation reported net income from continuing operations of $530m for fiscal 2020. The company paid $40m in preferred stock dividends during the year. The company had $250m of 8% convertible notes outstanding at the end of fiscal 2020. These notes are convertible into 25.50 shares per $1,000 allotment. The basic shares outstanding totaled 120m at the end of fiscal 2020.

Required:

1) Calculate the diluted earnings per share for 2020.