Pike Corporation has total stockholders' equity of $8,690,000 as of December 31, 2009. The company has 300,000 shares of $2 par value common stock and 20,000 shares of 8% cumulative preferred stock, $100 par value, outstanding. Due to lower-than-expected net income, no dividends were declared by Pike's board of directors for 2009. The book value per share of common stock is:

a.$25.00.

b.$21.77.

c.$23.00.

d.$25.60.