Cullumber Corporation reported net income of $759,648 in 2023 and had 135,000 common shares outstanding throughout the year. Also outstanding all year were 9,700 cumulative preferred shares, with each being convertible into 2 common shares. The preferred shares pay an annual dividend of $4 per share. Cullumber's tax rate is 35%. Calculate Cullumber's 2023 diluted earnings per share. (Round answer to 2 decimal places, e.g. 15.25.) Diluted earnings per share $