During 2021, Piper paid dividends of $0.80 per share on its common shares and $2.00 per share on its preferred shares. The preferred shares are convertible into 30,000 common shares. The 6% convertible bonds are convertible into 75,000 common shares. Net profit for the year ended December 31, 2021 was $400,000. Suppose the income tax rate was 30%. What should be the diluted earnings per share for the year ended December 31, 2021, rounded to the nearest cent? Answer Choice Group $1.78 $2.09 $1.96 $2.23