At the beginning of 2025, Cheyenne Industries had 22,000 shares of common stock issued and outstanding and 500 of $1,000, 6% bonds (issued at par), each convertible into 10 shares of common stock. During 2025, Cheyenne had revenues of $157,000 and expenses other than interest and taxes of $107,000. Assume that the tax rate is 20%. None of the bonds was converted or redeemed.

(a) Compute diluted earnings per share for 2025. (Round answer to 2 decimal places, e.g. 2.55.)

At the beginning of 2025 , Cheyenne industries had 22,000 shares of common stock issued and outstanding and 500 of $1,000,6% bonds (issued at par), each convertible into 10 shares of common stock. During 2025, Cheyenne had reventses of $157,000 and expenses other than interest and taxes of $107,000. Assume that the tax rate is 20%. None of the bonds was converted or redeemed. (a) Compute diluted earnings per share for 2025. (Round answer to 2 decimal ploces, es. 2.55.) Earnings per share