A corporation reports the following balances and amounts:

Accounts payable	$50,000
Cash provided by operations	$100,000
Accounts receivable	$35,000
Net income	$40,000
The average number of common shares	15,000
Salaries and wages payable	$40,000
Average current liabilities	$225,000
Stockholders' equity	$200,000
Average total assets	$600,000
Current assets	$300,000
Average total liabilities	$320,000
Current liabilities	$250,000
Dividends paid to preferred shareholders	$5,000

Determine its earnings per share?

a. $4.00

b. $1.30

c. $2.33

d. $1.50