Prior to 2020, Folkswagon Company issued 40,000 shares of 6% convertible, cumulative preferred stock, $100 par value. Each share is convertible into 5 shares of common stock. Net income for 2020 was $1,200,000. There were 600,000 common shares outstanding during 2020. There were no changes during 2020 in the number of common or preferred shares outstanding. Please calculate the diluted earnings per share for 2020.

Please provide all calculations for numbers not given in question.