Jones Corp, had 120,000 shares outstanding all of year 8 . During year 8 , Jones paid dividends of $60,000 on its non-cumulative, convertible preferred stock. The convertible preferred shares may be exchanged for 20,000 of shares of common stock. The $4,000,000 face value, 6% convertible bonds (issued at par) are convertible into 120,000 shares of common stock. Net income for year 8 is $250,000 and the corporate tax rate is 40%. What is diluted eamings per share for year 8 ? $1.29 51.39 51.58 51.60