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EPS-Complex Capital Structure Illustration (EPS with Preference Shares): On January 1, 2015, Lund Company issued 1,000,000 of 6% convertible preference shares were issued. Each 100 preference share is convertible into 5 ordinary shares of Lund. Lund's net income in 2015 was 240,000, and its tax rate was 40%. The company had 100,000 ordinary shares outstanding throughout 2015. Instructions: Compute diluted earnings per share for 2015