An analyst gathers the following information for a company's fiscal year beginning 1 January:

Net income	$1,800,000
Dividends declared and paid on convertible preferred	$600,000
Weighted average common shares outstanding during the year	200,000
Convertible preferred shares outstanding during the year	50,000

If one preferred share can be converted into four common shares and there are no other potentially dilutive securities outstanding, reported diluted EPS for the year is: