Question 26 Pharoah Horizon Corp had the following items, all of which were outstanding throughout the entire fiscal year ending September 30, 2018: 760,000 common shares 320,000 $3 cumulative, no-par value preferred shares Options to purchase 100,000 common shares at $13 per share. The average market price of Pharoah's common shares during the year was $20 per share. None of the options were exercised or expired during fiscal 2018 990 bond with a face value of $2,000,000, convertible to 48,000 common shares. . Pharoah's net income for fiscal 2018 was $7,700,000, and its tax rate was 15%. Preferred dividends had been paid in all previous fiscal years. ? (b) Calculate Pharoah's diluted earnings per share for the year. (For simplicity, ignore the requirement to record the debt and equity portions of the convertible bond separately). (Round calculations of EPS to 3 decimal places, e.g. $3.545 and provide final answer to 2 decimal places, e.g. 15.25.) Diluted earnings per share $