On January 2, 2025, Sandhill Co. issued at par $9900 of 5% bonds convertible in total into 1000 shares of Sandhill's common stock. No bonds were converted during 2025. Throughout 2025, Sandhill had 1000 shares of common stock outstanding. Sandhill's 2025 net income was $4500, and its income tax rate is 30%. No potentially dilutive securities other than the convertible bonds were outstanding during 2025. Sandhill's diluted earnings per share for 2025 was