On January 2, 2021, L Co. issued at face value $30,000 of 2% bonds convertible in total into 3,000 shares of L's common stock. No bonds were converted during 2021. Throughout 2021, L had 3,000 shares of common stock outstanding. L's 2021 net income was $12,000. L's income tax rate is 25%. No potential common shares other than the convertible bonds were outstanding during 2021. L's diluted earnings per share for 2021 would be: