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For the year ending 30 June 2020 , Helium Ltd earned a net profit after tax amounted to $2000000. Dividends on 400 000 convertible, cumulative preference shares amounted to $800000. The preference shares have been disclosed as equity in the statement of financial position. As at 1 July 2019 there were 600000 fully paid ordinary shares. There were no additional shares issued during the year. As at 1 July 2019 there were also: - 30000 ordinary share options currently on issue with an exercise price of $1.50; and - the 400000 convertible, cumulative preference shares issued are convertible into a total of 160000 ordinary shares at the option of the preference shareholders. Additional Information The company tax rate is 30% and the average market price for ordinary shares during the year was $2.00. Required Calculate diluted earnings per share for the year ending 30 June 2020 . Show all workings and steps required in determining diluted earnings per share