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$.3\mathrm{.}55.)$

Diluted earnings per share $

eTextbook and Media