Headland Corporation reported net income of $245,520 in 2020 and had 45,800 shares of common stock outstanding throughout the year. Also outstanding all year were 5,000 shares of cumulative preferred stock, each convertible into 2 shares of common. The preferred stock pays an annual dividend of $5 per share. Headland's tax rate is 50%. Compute Headland's 2020 diluted earnings per share. (Round answer to 2 decimal places, e.g. 3.55.) Diluted earnings per share $

Headland Corporation reported net income of $245,520 in 2020 and had 45,800 shares of common stock outstanding throughout the year. Also outstanding all year were 5,000 shares of cumulative preferred stock, each corvertible into 2 shares of common. The preferred stock pays an annual dividend of $5 per share. Headland's tax rate is 50%. Compute Headland's 2020 diluted earnings per share (Round answer to 2 decimal places, es. 3.55.) Diluted earnings per share