On June 1, 2014, AAA Corporation issues 32,000 shares of convertible preferred stock with par value of $20 per share (no other preferred stock is outstanding). The stock was issued for $50 per share. Each share of convertible preferred stock converts into 2 shares of $10 par common stock. The average common stock price for 2014 was $55. Net income for 2014 was $11,052,019 and preferred dividends of $25,000 were paid (with no dividends in arrears). At the beginning of 2014, 585,000 common shares were outstanding. On May 1, 2014 AAA issued 75,000 shares of common stock and on November 1, 2014 AAA repurchased 200,000 shares. The effective tax rate for AAA is 20%. Compute AAA's diluted earnings per share for 2014 assuming the preferred stock was not converted and is still outstanding. A. $17.26 B. $17.30 C. $17.78 D. $18.33