Last year, East Corporation reported basic and diluted earnings per share in an amount less than basic EPS due to outstanding stock options. Those options were exercised on January 1 of the current year. During the current year, East Corporation had 15.5 million shares of common stock outstanding. Three thousand nine hundred 12% convertible bonds, each with $1,000 face value, were issued at face amount at the beginning at the beginning of the year. East reported net income of $3.9 Million for the year. Each bond is convertible into 10 shares of common stock. The tax rate is 25%. What is diluted EPS (rounded)? (round your answer to 2 decimal places. Do not round your intermediate calculations).

Multiple Choices

A. $0.23

B. $0.28

C. $0.22

D $0.25