Tatum owns all the stock of Toole. For 2021, Tatum reports income (exclusive of any investment income) of $480,000. Tatum has 80,000 share of common stock outstanding. It also has 5,000 shares of preferred stock outstanding that pay a dividend of $15,000 annually. Toole reports net income of $290,000 for the period with 80,000 shares of common stock outstanding. Toole also has a liability from its 10,000, $100 bonds that pay annual interest of $8 per bond. Each of these can be converted into two shares of common stock. Tatum owns none of these bonds. Toole also has 10,000 stock warrants outstanding that allow the holder to acquire shares at $10 per share. The value of this stock was $20. Per share throughout the year. Tatum owns 2,000 of these warrants. Assume a tax rate of 30%. What should Tatum report as diluted earnings per share?