Information from the financial statements of a company for year 2021 included the following: Common stock outstanding as of January 1: 100,000 shares Employee stock options, exercisable during 2021 for 10,000 shares of common at strike price of $35 per share. All options were outstanding at the beginning and end of 2021. Convertible preferred shares, convertible into 66,000 shares of common. During 2021, the company paid dividends of $2 per share on its 166,195 shares of preferred stock. Net income for 2021 was $876,390 Assume a tax rate of 40%. During the year, the company's stock price averaged $40 per share.

Required: Compute diluted earnings per share for the year. (Enter your answers in whole dollars.)