Melrose Manufacturing has net sales revenue of $624,000, cost of goods sold of $274,560, net income of $95,360, and preferred dividends of $8,000 during the current year. At the beginning of the year, 402,400 shares of common stock were outstanding, and, at the end of the year, 429,600 shares of common stock were outstanding. A total of 1,000 preferred shares were outstanding throughout the year. The company's earnings per share for the current year is closest to:
A. $0.87.
B. $0.84.
C. $0.21.
D. $1.50.
Answer: C
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