At December 31, 2020, Sheffield Corp. had 2040000 shares of common stock outstanding. On January 1, 2021, Sheffield issued 499000 shares of preferred stock which were convertible into 950000 shares of common stock. During 2021, Sheffield declared and paid $1280000 cash dividends on the common stock and $410000 cash dividends on the preferred stock. Net income for the year ended December 31, 2021, was $4900000. Assuming an income tax rate of 32%, what should be diluted earnings per share for the year ended December 31, 2021? (Round to the nearest penny.)

$2.40

$2.04

$1.64

$1.47