Milliken Corporation reported net income of $700,000 in 2020 and had 115,000 common shares outstanding throughout the year. Also outstanding all year were 9,500 cumulative preferred shares, with each being convertible into two common shares. The preferred shares pay an annual dividend of $5 per share. Milliken's tax rate is 30%. Calculate Milliken's 2020 diluted earnings per share. Round to the nearest cent.