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At December 31, 2017, Swifty Corporation had 1150000 shares of common stock outstanding. In addition,...

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Accounting

At December 31, 2017, Swifty Corporation had 1150000 shares of common stock outstanding. In addition, Swifty had 452000 shares of preferred stock which were convertible into 758000 shares of common stock. During 2018, Swifty paid $1270000 cash dividends on the common stock and $801000 cash dividends on the preferred stock. Net income for 2018 was $6720000 and the income tax rate was 45%. The diluted earnings per share for 2018 is (rounded to the nearest penny)

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