At December 31, 2017, Vaughn Manufacturing had 1940000 shares of common stock outstanding. On January 1, 2018, Vaughn issued 491000 shares of preferred stock which were convertible into 1060000 shares of common stock. During 2018, Vaughn declared and paid $1210000 cash dividends on the common stock and $391000 cash dividends on the preferred stock. Net income for the year ended December 31, 2018, was $5070000. Assuming an income tax rate of 30%, what should be diluted earnings per share for the year ended December 31, 2018? (Round to the nearest penny.) $1.52 $2.09 $2.61 $1.69