Karen purchased 200 shares of Pfizer stock on Wednesday, August 7th. Joe purchased 200 shares of Pfizer stock on Friday, August 9th. Pfizer declared a dividend on July 20th to shareholders of record on August 12th and payable on September 1st. Which one of the following statements concerning the dividend paid on September 1st is correct given this information?

		Neither Karen nor Joe are entitled to the dividend.
		Joe is entitled to the dividend but Karen is not.
		Karen is entitled to the dividend but Joe is not.
		Both Karen and Joe are entitled to the dividend.
		Both Karen and Joe are entitled to a prorata share of the dividend.