Rockland Corporation earned net income of $300,000 in 2014 and had 100,000 shares of common stock outstanding throughout the year. Also outstanding all year was $800,000 of 10% bonds, which are convertible into 16,000 shares of common. Rockland? s tax rate is 40 percent.
Compute Rockland? s 2014 diluted earnings per share. (Round answer to 2 decimal places, e. g. $3.55.)
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