Information related to Jacque's Timber Co. (JTC) is as follows: JTC had net income before tax of $3,700,000 in the current year. The company's effective tax rate is 28%. Weighted average number of common shares outstanding is 3,000,000. 100,000 cumulative preferred shares were issued and outstanding throughout the year. Dividend rate is $3 per share; no dividend was declared for the current year. Each preferred share is convertible to two common shares at the option of the shareholder; no conversions happened during the current year. What is JTC's basic EPS for the current year? A. $1.13 B. $1.23 C. $0.79 D. $0.82