A company reports the following GAAP income statement: Income Statement (GAAP) ($ in millions) 2019A

Revenue 654

Operating expenses 254

Operating profit 400

Interest expense 14

Other expenses 3

Pretax profit 383

Taxes 77

Net income 306

In addition to the GAAP income statement, the company provided a 2019 non-GAAP disclosure identifying:

$12 million in stock-based compensation expense

$7 million in restructuring expenses

$5 million gain on sale

Assuming the companys effective tax rate applies to non-GAAP items, estimate 2019 non-GAAP net income:

$295 million

$317 million

$323 million

$325 million