1. For the year ended 31 December 2009, Dim Cool Utility Company had net income of $1,800,000. The company had an average of 600,000 shares of common stock outstanding, 20,000 shares of convertible preferred, and no other potentially dilutive securities. Each share of preferred pays a dividend of $12 per share, and each is convertible into 3 shares of the company's common stock. What is the company's diluted EPS?