LaVine Corp. had 1,000,000 shares of common stock outstanding throughout 2021.
On October 1, 2021, LaVine issued $15 million of ten year, 5% bonds. Beginning October 1, 2023, bondholders may exercise a conversion privilege to convert the bonds into 375,000 shares of LaVine common stock.
During 2021, LaVine reported $8,000,000 of net income and paid $300,000 in preferred dividends.
LaVine's marginal income tax rate is 25%.
What is LaVine's 2021 diluted earnings per share?