Kingbird Corporation reported net income of $257,600 in 2017 and had 55,000 shares of common stock outstanding throughout the year. Also outstanding all year were 4,700 shares of cumulative preferred stock, each convertible into 2 shares of common. The preferred stock pays an annual dividend of $5 per share. Kingbirds tax rate is 40%. Compute Kingbirds 2017 diluted earnings per share. (Round answer to 2 decimal places, e.g. 3.55.)

Diluted earnings per share