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

Item	Amount
Net income	£1,800,000
Preferred dividends declared and paid	£600,000
Common shares outstanding on 31 December	300,000
Weighted average common shares outstanding during the year	500,000
Convertible preferred shares outstanding during the year	25,000

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