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Primus, Incorporated, owns all outstanding stock of Sonston, Incorporated. For the current year, Primus reports net income ( exclusive of any investment income ) of

Primus, Incorporated, owns all outstanding stock of Sonston, Incorporated. For the current year, Primus reports net income (exclusive of any investment income) of $544,000. Primus has 50,000 shares of common stock outstanding. Sonston reports net income of $144,000 for the period, with 50,000 shares of common stock outstanding. Sonston also has 10,000 stock warrants outstanding that allow the holder to acquire shares at $14.00 per share. The value of this stock was $28 per share throughout the year. Primus owns 4,300 of these warrants.
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What amount should Primus report for diluted earnings per share?

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