An analyst gathers the following information about a company's fiscal year.

Item	Value
Net income	£45,000,000
Preferred dividends	£5,000,000
Convertible bonds outstanding during the year	£40,000,000
Weighted average number of common shares outstanding during the year	12,000,000
Interest rate on convertible bonds	10%
Income tax rate	25%

If the bonds are convertible into 2,000,000 common shares and there are no other potentially dilutive securities outstanding, reported diluted EPS is closest to: