DiCenta Corporation reported net income of $270,000 in 2010 and had 50,000 ordinary shares outstanding throughout the year. Also outstanding all year were 5,000 shares of cumulative preference shares, each convertible into 2 ordinary shares. The preference shares pay an annual dividend of $5 per share. DiCenta’s tax rate is 40%. Compute DiCenta’s 2010 diluted earnings per share.
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