DEPS

Kindly assist. How much earnings do I use to calculate diluted earnings per share from the question below?

The following information was obtained from the accounting and statutory records of P Ltd for the year ended 31 December 2015:
Issued share capital:
3 000 000 Ordinary shares amounting to $3 000 000
1 000 000 Deferred ordinary amounting to $1000 000
On 1 January 2013 P Ltd issued 2 000 10% convertible debentures of $2 000 each. One debenture can be converted into 400 ordinary shares on 1 January 2017, if the company elects. The debentures that are not converted will be redeemed in cash, at par. When the debentures were issued the prevailing market interest rate for similar debt without a conversion option was 12.5%.
The deferred ordinary shares rank pari passu with the ordinary shares except that they are only entitled to ordinary dividends with effect from 1 January 2016.

500 000 share options were granted to employees on 30 September 2015. The options contain the right to purchase one ordinary share at $2.00 per share for each option before 30 September 2019. The average fair value of these ordinary shares during 2008 was $5.00. The basic earnings for the year ended 31 December 2015 were as follows:
1 250 000 ordinary shares – $1 250 000
250 000 deferred ordinary shares – $250 000

It is expected that P Ltd will earn a 7.5% after tax return on new equity share capital issued.
Assume a corporate tax rate of 25%.

Required:
Calculate the diluted earnings per share of P Ltd for the year ended 31 December 2015 in accordance with the requirements of International Financial Reporting Standards.