Metlock Corporation reported net income of $257,600 in 2020 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. Metlocks tax rate is 40%. Compute Metlocks 2020 diluted earnings per share

Diluted earnings per share $