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During the current year, High Corporation had 5.0 million shares of common stock outstanding. $8,025,000 of...

During the current year, High Corporation had 5.0 million shares of common stock outstanding. $8,025,000 of 17% convertible bonds were issued at face amount at the beginning of the year. High reported income before tax of $6.0 million and net income of $5.0 million for the year. The bonds are convertible into 825,000 shares of common. What is diluted EPS (rounded)?

Choices are

1.09

2.73

1.23

1.05

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