During 2018, Angel Corporation had 900,000 shares of common stock and 50,000 shares of 6% preferred stock outstanding. The preferred stock does not have cumulative or convertible features. Angel declared and paid cash dividends of $300,000 and $150,000 to common and preferred shareholders, respectively, during 2018.

On January 1, 2017, Angel issued $2,000,000 of convertible 5% bonds at face value. Each $1,000 bond is convertible into five common shares.

Angel's net income for the year ended December 31, 2018, was $6 million. The income tax rate is 20%.

What will Angel report as diluted earnings per share for 2018, rounded to the nearest cent? Multiple Choice

• $6.43.
• $6.25.
• $6.22.
• None of these answer choices are correct