On 1 October 20X4, Hoy Co had $2.5 million of equity share capital (shares of 50 cents each) in issue. No new shares were issued during the year ended 30 September 20X5, but on that date there were outstanding share options which had a dilutive effect equivalent to issuing 1.2 million shares for no consideration. Hoy's profit after tax for the year ended 30 September 20X5 was $1,550,000.

a. $0.25

b. $0.31

c. $0.42

d. $0.41