At the beginning of the fiscal year, June 1, Year 3, Piotrowski Corporation had 80,000 shares of common stock outstanding. Also outstanding was $200,000 of 8% convertible bonds that had been issued at $1,000 par. The bonds were convertible into 20,000 shares of common stock; however, no bonds were converted during the year. The companys tax rate is 32%. Piotrowskis net income for the year was $107,000. Diluted earnings per share of Piotrowski common stock for the fiscal year ended May 31, Year 4 was

The answer is $1.18 but I would like someone to show the calculations.