Assume the following data relative to ABC Corporation for 2016 is available:

Net Income $1,400,000

Transactions in common shares:

Jan 1, 2016 Beginning number: 500,000

March 1, 2016 Purchased treasury shares 60,000

June 1,2016 Stock split 2 for 1

Nov 1, 2016 Issuance of new shares 120,000

8% Cumulative Preferred Stock

Sold at par, convertible into 200,000 shares as adjusted for stock split $1,000,000

Stock Options-60,000 options

Exercisable at the option price of $25 per share. $30 average market price in 2016, $20 year end marke price(market price and option price adjusted for stock split)

4. What is Diluted EPS per share?

a. 1.43

b. 1.24

c. 1.17

d. 1.57