At December 31, 2022, Grieger Corp. had 300,000 common shares outstanding. No common shares were issued during 2023; however, on January 1, 2023, Grieger issued 160,000 non-cumulative, non-convertible preferred shares. During 2023, Grieger paid cash dividends of $100,000 to the common shareholders and $60,000 to the preferred shareholders. Net income for calendar 2023 was $450,000. Basic earnings per share for 2023 would be

a. $0.20.

b. $1.30.

c. $1.50.

d. $1.70.