Axle Corporation had 800,000 shares of common stock issued and outstanding at January 1. No commons shares were issued during the years, but on January 1, Axle issued 100,000 shares of convertible preferred stock. The preferred shares are convertible into 200,000 shares of common stock. During the year, Axle paid $60,000 cash dividends on the preferred stock. Net income was $1,500,000. What is Axle's diluted earnings per share for the year.

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