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A company had net income of $250,000. On January 1, there were 12,000 shares of common stock outstanding. On May 1, the company issued an additional 9,000 shares of common stock. The company declared a $7,900 dividend on its noncumulative, nonparticipating preferred stock. There were no other stock transactions. The company had an earnings per share of:

a) $13.45

b) $13.89

c) $11.53

d) $26.90

e) Amount cannot be determined as problem does not state if there are any dividends in arrears

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