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Charlotte Engineering experienced net income of $ 575,000 for the year. It declared $ 40,000 in preferred dividends on December 23. It began the year

Charlotte Engineering experienced net income of $ 575,000 for the year. It declared $ 40,000 in preferred dividends on December 23. It began the year with 300,000 common shares outstanding. On July 1, Charlotte declared a 10 % common stock dividend. Compute the basic EPS for the year. (Round your answer to the nearest cent.)

A. $ 1.98

B. $ 1.78

C. $ 1.62

D. $ 1.70

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