Following is the statement of financial position of Sandhill Corporation, a fictional company, as well as some assumptions about the company's capital structure. 1. Options were granted or written in July 2021 to purchase 31,500 common shares at $15 per share. The average market price of Sandhill common shares during 2023 was $25 per common share. The options expire in 2031 and no options were exercised during 2023. 2. The 7% bonds were issued in 2022 at face value. The 9% convertible bonds were issued on July 1,2023 , at face value. Each convertible bond is convertible into 50 common shares, (Each bond has a face value of $1,000.) 3. The $10 cumulative, convertible preferred shares were issued at the beginning of 2020 . Each preferred share is corvertible into four common shares. 4. The average income tax rate is 30%. 5. The 426,000 common shares were issued at $1 per share and were outstanding during the entire year. 6. Preferred dividends were not declared in 2023. 7. Net income was $1.30 million in 2023 . 8. No bonds or preferred shares were converted during 2023. Calculate diluted EPS (step 3). (Round answer to 2 decimal places, e.g. 52.75) Diluted earnings per share $