In

$2022$

$,$

$$Sandhill Ltd

$.$

$$issued $

$52$

$,$

$000$

$$of

$9$

$\%$

$$bonds at par, with each $

$1$

$,$

$000$

$$bond being convertible into

$100$

$$common shares. The

company had revenues of $

$72$

$,$

$500$

$$and expenses of $

$37$

$,$

$400$

$$for

$2023$

$,$

$$not including interest and tax.

$($

Assume a tax rate of

$30$

$\%$

$.$

$)$

Throughout

$2023$

$,$

$1$

$,$

$300$

$$common shares were outstanding, and none of the bonds were converted or redeemed.

$($

For simplicity,

assume that the convertible bonds' equity element is not recorded.

$)$Calculate diluted earnings per share for the year ended December $31,2023.$ For simplicity, ignore the requirement to record the

bonds' debt and equity components separately. The bonds are assumed to be converted for the entire year. $($Round answer to $2$

decimal places, e$.$g$.15\mathrm{.}25.)$

Diluted earnings per share