An analyst has gathered the following information about a company:\ 110,000 shares of common outstanding at the beginning of the year.\ The company repurchases 20,000 of its own common shares on July 1.\ Earnings are $300,000 for the year.\ 10,000 shares of existing 10 percent cumulative $100 par preferred outstanding that is not in arrears at the beginning or ending of the year.\ The company also has $1 million in 10 percent callable bonds outstanding.\ The company has declared a $0.50 dividend on the common.\ What is the company's diluted earnings per share?