On January 1, 2020, Casey Company issued 10-year, $2,000,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 15 shares of Casey common stock. Caseys net income in 2020 was $400,000, and its tax rate was 20%. The company had 100,000 shares of common stock outstanding throughout 2020. None of the bonds were converted in 2020.

Instructions:

Compute diluted earnings per share for 2020.

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