Ceps financial statements show earnings for the year ended 31 December 2021 of 2m. Throughout the year ended 31 December 2021 Cep had 4 million shares in issue and there were 1 million outstanding options allowing the holder to buy shares at 3 each. For the year to 31 December 2021, the average market value of Ceps shares was 5. What is Ceps diluted earnings per share for the year ended 31 December 2021?

a. 43.5p

b. 45.5p

c. 40.0p

d. 44.4p