At December 31 . 2014, the Carboneer Company had 150,000 shares of common stock issued and outstanding. On April 1 . 2015, an additional 30,000 shares of common stock were issued. Carboneer's net income for the year ended December 31 . 2015, was $517,500 . During 2015, Carboneer declared and paid $300,000 in cash dividends on its nonconvertible preferred stock. The basic earnings per common
share, rounded to the nearest penny, for the year ended December 31 . 2015, should be
a. $3.00.
b. $2.00.
c. $1.45.
d. $1.26.
D
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