On 31 December 20X3, the capital structure of Victor Varieties Ltd. was as follows:
• $4,500,000 face value of 12% debentures, due 1 April 20X10, convertible into eight common shares per $1,000. Interest on the 12% debentures is paid on 1 April and 1 October of
each year. On 2 April 20X3, 12% debentures with a face value of $1,500,000 had been converted. Interest expense on these bonds was $48,000 in 20X3. Interest expense on all the 12% bonds amounted to $432,000, including the $48,000.• $3,000,000 face value of 12.4% debentures, due 30 June 20X15, convertible into eight common shares per $1,000 after 30 June 20X7. Interest expense related to these bonds was $450,000 in 20X3. Interest is paid on 30 June and 31 December of each year.
• 30,000 cumulative preferred shares issued and outstanding, $8 per share dividend, redeemable at the shareholder’s option at $100 per share. These preferred shares are classified as debt. Dividends are reported as a financing expense in earnings.
• 100,000 options outstanding to senior management, exerciseable in 20X14. The options allow purchase of 100,000 at $25 per share. Average market price in 20X3 was $14.
• 60,000 common shares issued and outstanding.
Victor Varieties reported net earnings after tax of $600,000 for 20X3. The tax rate was 40%.

Required:
Compute EPS for 20X3.