At December 31, 2020, Waterway Industries had 1260000 shares of common stock outstanding. In addition, Waterway had 446000 shares of preferred stock which were convertible into 751000 shares of common stock. During 2021, Waterway paid $1220000 cash dividends on the common stock and $808000 cash dividends on the preferred stock. Net income for 2021 was $6900000 and the income tax rate was 35%. The diluted earnings per share for 2021 is (rounded to the nearest penny) $5.47. $3.43. $4.81. $2.44. Information concerning the capital structure of Bonita Industries is as follows: During 2021, Bonita paid dividends of $0.70 per share on its common stock and $3 per share on its preferred stock. The preferred stock is convertible into 30500 shares of common stock. The 6% convertible bonds are convertible into 74700 shares of common stock. The net income for the year ended December 31, 2021, was $409000. Assume that the income tax rate was 28%. What should be the diluted earnings per share for the year ended December 31, 2021, rounded to the nearest penny? $2.29 $1.82 $2.14 $2.01