At December 31, 2019, Jack Russell Ltd. had 900,000 common shares outstanding (no preferred shares issued). On September 1, 2020, an additional 300,000 common shares were issued. In addition, Jack Russell had $10,000,000 (par value) 6% convertible bonds outstanding at December 31, 2019, which are convertible into 600,000 common shares. No bonds were converted in 2020. Net income for calendar 2020 was $3,750,000. Assuming the income tax rate is 30%, the diluted earnings per share for 2020 is

$3.75.