Meyer Corp has 400, 000 shares of common stock outstanding throughout 2017. In addition, the corporation has 50,000 shares of $20 par, 5% convertible preferred stock which it issued on June 1, 2017 The preferred stock was noncumulative and each share is convertible into 6 shares of common stock. During 2017 the corporation earned net income of $600,000. The tax rate was 20% Meyer Corp did not declare a dividend in 2019. What should be the diluted earnings per share reported in the financial statements for the year ended December 31, 2017 , round to nearest penny