Barbur Inc reported net income of $21.5625 million. During the year the average number of common shares outstanding was 3.75 million. The price of a share of common stock at the end of the year was $5. There were 700,000 shares of preferred stock outstanding on average and no dividends were declared and the preferred stock is noncumulative

The EPS is approximately

A. $0.17

B. $5.51

C. $5.61

D. $5.75