Brief Exercise 16-13 Pearl Corporation earned net income of $370,000 in 2017 and had 108,000 shares of common stock outstanding throughout the year.

Brief Exercise 16-13

Pearl Corporation earned net income of $370,000 in 2017 and had 108,000 shares of common stock outstanding throughout the year. Also outstanding all year was $840,000 of 9% bonds, which are convertible into 20,000 shares of common. Pearl’s tax rate is 40 percent.

Compute Pearl’s 2017 diluted earnings per share. (Round answer to 2 decimal places, e.g. 3.55.)

Diluted earnings per share

$

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