Information concerning the capital structure of Piper Corporation is as follows:

December 31,

2016 2015

Ordinary Shares 150,000 shares 150,000 shares

Convertible preference shares 15,000 shares 15,000 shares

9% convertible bonds $2,400,000 $2,400,000

During 2016, Piper paid dividends of $1.20 per ordinary share and $3.00 per preference share. The preference shares are convertible into 30,000 ordinary shares. The 9% convertible bonds are convertible into 75,000 ordinary shares. The net income for the year ended December 31, 2016, was $600,000. Assume that the income tax rate was 30%.

What should be the basic earnings per share for the year ended December 31, 2016?

		A $2.66
		B $2.92
		C $3.70
		D $4.00