Pronghorn Corporation reported net income of $198,990 in 2017 and had 49,500 shares of common stock

Pronghorn Corporation reported net income of $198,990 in 2017 and had 49,500 shares of common stock outstanding throughout the year. Also outstanding all year were 5,400 shares of cumulative preferred stock, each convertible into 2 shares of common. The preferred stock pays an annual dividend of $5 per share. Pronghorn’s tax rate is 30%.

Compute Pronghorn’s 2017 diluted earnings per share