Cullumber Co$.$ had $205000$ shares of common stock, $20800$ shares of convertible preferred stock, and $$607000$ of $10\%$ convertible

bonds outstanding during $2025.$ The preferred stock is convertible into $39200$ shares of common stock. During $2025,$ Cullumber paid

dividends of $$0\mathrm{.}56$ per share on the common stock and $$1\mathrm{.}70$ per share on the preferred stock. Each $$1,000$ bond is convertible into $45$

shares of common stock. Cullumber's net income for $2025$ was $$360000$ and its income tax rate was $35\%.$

Diluted earnings per share for $2025$ is

$$1\mathrm{.}47.$

$$1\mathrm{.}55.$

$$1\mathrm{.}31.$

$$1\mathrm{.}37.$