On December $31,2022,$ Rhinestone Inc. had $1,000,000$ common shares outstanding. The following relates to $2023$:

On January $1,$ Rhinestone issued $250,000$ convertible preferred shares with a stated non$-$cumulative dividend of $$1\mathrm{.}80$ per share. Each preferred share is convertible into $2$ common shares.

Rhinestone paid cash dividends of $$450,000$ to the preferred shares and $$150,000$ to the common shares.

Net income for the year was $$4,500,000.$

Assuming an income tax rate of $25\%,$ what is Rhinestone's $2023$ diluted earnings per share?