Sandhill Corporation reported net income of $599,508 in 2020 and had 134,000 common shares outstanding throughout the year. Also outstanding all year were 9,200 of cumulative preferred shares, with each being convertible into 4 common shares. The preferred shares pay an annual dividend of $5 per share. Sandhills tax rate is 35%. Calculate Sandhills 2020 diluted earnings per share. (Round answer to 2 decimal places, e.g. 15.25.)

Diluted earnings per share

$enter Diluted earnings per share in dollars rounded to 2 decimal places