Melanie Corporation reported net income of $550,000 in 2023 and had 900,000 common shares outstanding throughout the year. On May 1, 2023, Melanie issued 5% convertible bonds. Each $1,000 bond is convertible into 120 common shares. Total proceeds at par amounted to $1 million and were allocated to the liability and equity components under the residual value method. The liability
component was measured first, at the present value of the stream of interest payments plus the present value of the bond maturity value, all discounted at 8% (the interest rate that applies to similar straight bonds). At the time of issuance, the liability component was recorded at $922,685. Melanie’s tax rate is 30%. Calculate Melanie’s 2023 diluted earnings per share. Round to the nearest cent.