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Pharoah Corporation reported net income of $ 3 5 9 , 7 0 0 in 2 0 2 0 and had 5 4 , 8

Pharoah Corporation reported net income of $359,700 in 2020 and had 54,800 shares of common stock outstanding throughout the
year. Also outstanding all year were 5,300 shares of cumulative preferred stock, each convertible into 2 shares of common. The
preferred stock pays an annual dividend of $5 per share. Pharoah's tax rate is 40%.
Compute Pharoah's 2020 diluted earnings per share. (Round answer to 2 decimal places, e.g.3.55.)
Diluted earnings per share $
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