Diluted earnings per share for 2018

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At December 31, 2017, Concord Corporation had 1220000 shares of common stock outstanding. In addition, Concord had 453000 shares of preferred stock which were convertible into 751000 shares of common stock. During 2018, Concord paid $1140000 cash dividends on the common stock and $794000 cash dividends on the preferred stock. Net income for 2018 was $6850000 and the income tax rate was 40%. The diluted earnings per share for 2018 is (rounded to the nearest penny)

Reference no: EM132421220

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