This year our company had net income of $500,000 The number of common shares outstanding at January 1 was 820,000. Our company had cumulative preferred stock outstanding that was convertible during the current year into 20,000 shares of common stock. No conversions were actually done The dividend on the preferred stock is $50,000. What is the diluted earnings per share? A $.60 B $.54 $.63 D $.65 E None of the other answers is correct