The following information was taken from the books and records of Sandhill, Inc.: $415,800 1. Net Income 2. Capital structure: a. Convertible 6% bonds. Each of the 310, $1,000 bonds is convertible into 50 shares of common stock at the present date and for the next 10 years. 310,000 b. $10 par common stock, 210,000 shares issued and outstanding during the entire year. 2,100,000 C Stock warrants outstanding to buy 14,400 shares of common stock at $20 per share. 3. Other information: a. Bonds converted during the year b. Income tax rate None 30% C Convertible debt was outstanding the entire year d. Average market price per share of common stock during the year $32 e. Warrants were outstanding the entire year 1. Warrants exercised during the year None Compute diluted earnings per share. (Round answers to 2 decimal places, e.g. 52.75.) Security Common Stock Warrants Conversion Bonds $ EPS 1.98