An analyst gathers the following information about a company's fiscal year ended 31 December:

• Net income: €5,000,000
• Common dividends declared and paid: €500,000
• Weighted average common shares outstanding during the year: 2,000,000
• Convertible preferred shares outstanding: 400,000
• Dividend per convertible preferred share: €2 One convertible preferred share is convertible into six common shares. If there are no other potentially dilutive securities outstanding, the reported diluted earnings per share (EPS) should be closest to: