Shown below is information relating to the stockholders' equity of Grant Corporation at December 31, Year 1: 3.0% cumulative preferred stock, $100 par value; authorized, 16,000 shares; issued and outstanding, 8,000 shares $ 800,000 Common stock, $3 par value; authorized, 320,000 shares; issued and outstanding, 192,000 shares $ 576,000 Additional paid-in capital: preferred stock $ 96,000 Additional paid-in capital: common stock $ 1,400,000 Retained earnings $ 910,000 Dividends have been declared and paid for Year 1.

The balance in Retained Earnings at the beginning of the year was $820,000, and there were no dividends in arrears.

Net income for Year 1 was $600,000.

What was the amount of dividend declared on each share of common stock during Year 1?

A) $0.47.

B) $2.53.

C) $2.66.

D) $1.59.