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