Whispering Corporation reported net income of $315,350 in 2020 and had 50,500 shares of common stock outstanding throughout the year. Also outstanding all year were 4,500 shares of cumulative preferred stock, each convertible into 2 shares of common. The preferred stock pays an annual dividend of $5 per share. Whispering's tax rate is 30%.

Compute Whispering's 2020 diluted earnings per share. (Round answer to 2 decimal places, e.g. 3.55.)

Diluted earnings per share

$