On January 2, 2021, L Co. issued at face value $23,000 of 4% bonds convertible in total into 1,600 shares of L's common stock. No bonds were converted during 2021. Throughout 2021, L had 1,600 shares of common stock outstanding. L's 2021 net income was $5,000. L's income tax rate is 30%. No potential common shares other than the convertible bonds were outstanding during 2021. L's diluted earnings per share for 2021 would be: