Richards Corporation had net income of $204,976 and paid dividends to common stockholders of $41,800. It had 55,700 shares of common stock outstanding during the entire year. Richards Corporation's common stock is selling for $59 per share. The price-earnings ratio (rounded to two decimal places) is

a. 15.09 times

b. 17.60 times

c. 17.17 times

d. 16.03 times