Crane Corporation issued $3 million of 10-year, 7% callable convertible subordinated debentures on January 2, 2023. The debentures have a face value of $1,000, with interest payable annually. The current conversion ratio is 13:1, and in two years it will increase to 18:1. At the date of issue, the bonds were sold at 100 to yield a 7% effective interest rate. The bond discount is amortized using the effective interest method. Crane's effective tax rate was 35%. Net income in 2023 was $7.0 million, and the company had 2 million shares outstanding during the entire year. For simplicity, ignore the requirement to record the debentures' debt and equity components separately.

Calculate diluted earnings per share for the year ended December 31,2023.