In 2019, Cullumber Ltd. issued $48,000 of 8% bonds at par, with...

In 2019, Cullumber Ltd. issued $48,000 of 8% bonds at par, with each $1,000 bond being convertible into 100 common shares. The company had revenues of $73,600 and expenses of $42,800 for 2020, not including interest and taxes (assume a tax rate of 25%). Throughout 2020, 1,200 common shares were outstanding, and none of the bonds were converted or redeemed. (For simplicity, assume that the convertible bonds' equity element is not recorded.)

Assume that the 48 bonds were issued on October 1, 2020 (rather than in 2019), and that none have been converted or redeemed. Calculate diluted earnings per share for the year ended December 31, 2020.