Harbinger Inc made a net income for the year of $1,250,000. The company has had 600,000 common shares in issue for the entire year, as well as 10,000 convertible preferred shares. The convertible preferred shares paid a dividend of $12 per share for the year and can be converted into common stocks at a rate of 4 common shares for each convertible preferred share. The prevailing statutory tax rate is 30%.

What would be reported as diluted earnings per share for the period?