Bonita Corporation reported net income of $338,240 in 2017 and had 50,400 shares of common stock outstanding throughout the year. Also outstanding all year were 5,000 shares of cumulative preferred stock, each convertible into 2 shares of common. The preferred stock pays an annual dividend of $5 per share. Bonitas tax rate is 50%. Compute Bonitas 2017 diluted earnings per share. (Round answer to 2 decimal places, e.g. 3.55.)

Diluted earnings per share