On December 31, 2022, Martinez. had 1008000 common shares outstanding. On January 1, 2023, Martinez issued 259000 non- cumulative preferred shares, which were convertible into 518000 common shares. During 2023, Martinez paid cash dividends of $446000 to the common shares and $155000 to the preferred shares. Net income for calendar 2023, was $4501700. Assuming an income tax rate of 30%, the diluted earnings per share for 2023 is $4.46. $2.52. $2.95. $0.34.