At December 31, Pell Co.'s capital structure includes 50,000 shares of common stock issued and outstanding. In addition, 5,000 shares of $100 par, 8% cumulative convertible preferred stock are outstanding. Each share of the preferred stock is convertible into two shares of common stock. If Pell has $480,000 of net income for the year, its diluted earnings per share (DEPS) amount is O A. $7.33 B. $8.00 OC. $8.80 OD. $9.60