On January 1, 2021, Kosan Bhd had the following shares issued: 6% 150,000 Cumulative preference shares, $100 par value 500,000 Ordinary shares, $5 par value During the year, the following occurred: On April 1, 2021, the company issued 100,000 ordinary shares. On September 1, 2021, the company declared and issued a 10% stock dividend. For the year ended December 31, 2021, the net income was $2,200,000. The basic earnings per share is:

A) $1.55 B) $2.06 C) $2.80 D) $3,15 E) None of the above