At December 31, 2019 and 2020, Company A had outstanding 715 million shares of common stock and 9 million shares of 6%, $114 par value cumulative and convertible preferred stock. The preferred shares are convertible into 494 shares of common stock. No dividends were declared on either the preferred or common stock in 2019 or 2020. Net income for 2020 was $1,688 million. The income tax rate is 20%.

Calculate the diluted earnings per share for the year ended December 31, 2020. (Round to 2 significant digits. For example, 1.0325 would be entered 1.03.)

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