17. Clay Pitts, Inc., had 2020 net income of $1,000,000. During 2020, Clay paid a cash dividend of $2 per share on 100,000 shares of preferred stock. During 2020, Clay had outstanding 250,000 share of common stock. Compute Clay's 2020 basic earnings per share in dollars. A. 3.20 B. 4.00 C. 4.80 D. 10.00 E. 12.00 18. Tim Burr, Inc., reported net income of $300,000 in 2020, and had 200,000 shares of common stock outstanding throughout the year. Also outstanding all year, were 45,000 options to purchase common stock at $10 per share. The average market price of the stock during the year was $15. Compute the diluted earnings per share in dollars for 2020 for Tim. A. 1.50 B. 1.40 C. 1.30 D. 1.22