Farrah Corporation had 21,360 shares of common stock issued and outstanding at January 1. No common shares were issued during the year, but on January 1, Farrah issued 1,820 shares of convertible preferred stock. The preferred shares are convertible into 2,710 shares of common stock. During the year Farrah paid $19,690 cash dividends on the preferred stock and $28,750 cash dividends on common stock. Net income was $117,830. What is the diluted EPS? (round to 2 decimal places)