At December 31, 2011 and 2010, Miley Corp. had 180,000 shares of common stock and 10,000 shares of 5\%, $100 par value cumulative preferred stock outstanding. No dividends were declared in 2011 or 2010 . Net income for 2011 was $400,000. Miley had 50,000 in stock warrants outstanding with a strike price of $15. The average market price during the year was $60 per share. For 2011 , what is diluted earnings per common share