Pharoah Corporation reported net income of $261,360 in 2020 and had 49,000 shares of common stock outstanding throughout the year. Also outstanding all year were 5,200 shares of cumulative preferred stock, each convertible into 2 shares of common. The preferred stock pays an annual dividend of $5 per share. Pharoahs tax rate is 40%. Compute Pharoahs 2020 diluted earnings per share. (Round answer to 2 decimal places, e.g. 3.55.) Diluted earnings per share