For the fiscal year ended December 31, 2019, a company reported Net Income of $7,000,000. The company had 3,000,000 shares of $1 par value common stock outstanding all year. In addition, the company had $500,000 par value of 10% cumulative, non-convertible preferred stock outstanding all year. In December 2019, the company declared and paid a preferred dividend of $50,000, as well as a $0.10 per share dividend to common shareholders.

Furthermore, on January 1, 2019 the company issued at face value a $1,000,000, 6% convertible bond with annual interest payments due at the end of each year. The bonds are convertible into 200,000 shares of the company's $1 par value common stock. The company's tax rate is 21% (and there are no temporary or permanent book-tax differences).

What did the company report for basic earnings per share on its December 31, 2019 Income Statement? [Round to the nearest penny.]

A.

$2.28.

B.

$2.17.

C.

$2.20.

D.

$2.22.

E.

$2.32.