Kowned 80% of the common stock of S. S had 50,000 shares of $5 par value common stock and 2,000 shares of preferred stock outstanding. Each preferred share received an annual per share dividend of $10.00 and is convertible into four shares of common stock. K did not own any of S's preferred stock. S also had 600 bonds outstanding, each of which is convertible into ten shares of common stock. S's annual after-tax interest expense for the bonds was $22,000. K did not own any of S's bonds. S reported income of $300,000 for 2018. Compute the amount of S;s earnings that should be included in calculating consolidated diluted earnings per share