Deweyville Company had 200,000 shares of common stock and 10,000 shares of cumulative, $6 preferred stock outstanding during 20X1. The preferred stock is convertible at the rate of 20 shares of common per share of preferred. For 20X1, the company had net income of $160,000 and declared no dividends. What should Granger report for the 20X1 diluted earnings per share? $0.30 $0.40 $0.60 $0.58