During 2016, Penny and Co. had net income of $100,000 including after-tax interest expense of $20,000 on convertible bonds. The $300,000 face value of convertible bonds can be converted into common stock at the rate of 300 shares per $1,000 bond. Prior to the conversion, there were 400,000 shares of common stock outstanding. What is the amount of fully diluted earnings per share?

a. $0.469

b. $0.255

c. $0.244

d. $0.222