At December 31,2024, Sheridan Company had 2010000 shares of common stock outstanding. On January 1,...

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Accounting

At December 31,2024, Sheridan Company had 2010000 shares of common stock outstanding. On January 1,
2025, Sheridan issued 491000 shares of preferred stock which were convertible into 1020000 shares of its
common stock. In 2025, Sheridan declared and paid $1110000 cash dividends on the common stock and $392000
cash dividends on the preferred stock. Net income for the year ended December 31,2025, was $5090400.
Assuming an income tax rate of 30%, what was diluted earnings per share for the year ended December 31,2025?
$1.68
$2.53
$1.60
$2.09
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