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Telford Co. presented net income of $ 240,000, preferred dividends of $ 60,000 and common stock of 90,000 shares. The company also had $ 100,000

Telford Co. presented net income of $ 240,000, preferred dividends of $ 60,000 and common stock of 90,000 shares. The company also had $ 100,000 of convertible bonds. The bonds paid interest of $ 3,000. The conversion would add 6,000 shares of common stock. Calculate diluted earnings per share.

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