Rainer Corp. has 400,000 shares of $20 par value common stock outstanding throughout 20x2. In addition, the corporation has 500, $1,000 5% bonds outstanding that were issued at par in 20x0. Each 1,000 bond is convertible into 30 shares of common stock. During 20x2, the corporation earned 600,000 of net income. Tax rate is 30%

Compute the earnings per share for 20x2.

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