At December 31, 2017, Bramble Company had 520,000 shares of common stock issued and outstanding, 320,000 of which had been issued and outstanding throughout the year and 200,000 of which were issued on October 1, 2017. Net income for the year ended December 31, 2017, was $1,220,000.

Assume that Bramble issued 10-year, $180,000 face value, 6% bonds in 2016 at par (payable annually on January 1). Each $1,000 bond is convertible into 40 shares of Brambles $2 par value common stock. Compute diluted earnings per share. Ignore taxes. (Round answer to 2 decimal places, e.g. 15.25.)

Diluted Earnings Per Share

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