During 2018, the Cassy Corp. had 370,000 shares of $20 par common stock outstanding. On January 1,

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During 2018, the Cassy Corp. had 370,000 shares of $20 par common stock outstanding. On January 1, 2018, 8 percent bonds were issued with a maturity value of $1,000 each. Net income for 2018 was $464,000. The income tax rate was 30 percent. To enhance the bond sale, the company offered a conversion of 50 shares of common stock for each bond at the option of the purchaser. Compute the diluted earnings per share of common stock.