As of January 1, XYZ Inc has 8,680 preferred shares outstanding for a total cost of $225,880. The company also has 13,895 common shares outstanding for a total cost of $1,389,110. If the preferred shares pay a dividend of $1.20 per share and are participating, what is the per-share dividend that should be allocated to the common shares before any additional dividend would be paid to preferred shareholders for participation? a. $4.26 b. $4.73 c. $4.38 d. $4.49 e. $4.61