An analyst is asked to calculate the trailing P/E for AdMicro Systems (AMS) on November 15, 20X3, when the share price is $27.50. The companys fiscal year ended December 31, 20X2. Financial statements indicate that the earnings per share (EPS) for 20X2 were $1.27, which included a nonrecurring item amounting to $0.12 per share. As of October 31, 20X3, the trailing 12 months EPS was $1.45 based on three quarters in 20X3 and one quarter in 20X2. When various nonrecurring and extraordinary items are taken into account, the adjusted EPS for the most recent 12 months is $1.10. Based on this information, the P/E estimate the analyst should use for AMS is closest to: 25 22 19