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Question - The Jennings Company reports net income of $1,100,000 for the current year. The company has 60,000 shares of nonconvertible preferred stock outstanding for the entire year that pays an annual cash dividend of $8 per share. A cash dividend of $96,000 is paid on the common stock. At the beginning of the year, the company has 100,000 shares of common stock outstanding. On June 1, 40,000 shares of this stock were reacquired by the company as treasury stock. The company also has 50,000 stock options outstanding. For $25 each option can be used to obtain one new share of common stock. The average price of the stock for this year was $100 per share. No income effect was recognized this year in connection with the issuance of these stock options. The company's effective tax rate was 30 percent. What should the company report as its diluted earnings per share?
A. $4.59
B. $5.43
C. $9.64
D. $6.36
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