Sandhill Corporation reported net income of $265,620 in 2020 and had 227,000 common shares outstanding throughout the year. Also outstanding all year were 18,000 (written) options to purchase common shares at $10 per share. The average market price for the common shares during the year was $15 per share. Calculate the diluted earnings per share. (Round answer to 2 decimal places, e.g. 15.25.)

Diluted earnings per share

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