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At December 31, 2020, Arand Company had 1,200,000 shares of common stock outstanding. On October 1, 2021, an additional 400,000 shares of common stock were issued. In addition, Arand had $14,000,000 of 6% convertible bonds outstanding at December 31, 2020, which are convertible into 800,000 shares of common stock. No bonds were converted into common stock in 2021. The net income for the year ended December 31, 2021, was $5,400,000. Assuming the income tax rate was 20%, what should be the diluted earnings per share for the year ended December 31, 2021, rounded to the nearest penny? $2.22 b. $2.89 c. $2.78 d. $4.02 a. o