The following information pertains to Raleigh Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit.

The following information pertains to Raleigh Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Assets Cash and short-term investments $40,000 Accounts receivable (net) 30,000 25,000 Inventory Property, plant and equipment 215,000 310,000 Total Assets Liabilities and Stockholders' Equity Current liabilities 60,000 Long-term liabilities 95,000 Stockholders' equity-common 155,000 Total Liabilities and Stockholders' 310,000 Equity Income Statement $130,000 Sales Cost of goods sold 45,000 Gross margin 95,000 Operating expenses 20,000 $75,000 Net Income Number of shares of common stock 8,000 Market price of common stock $20 Dividends per share 1.00 Cash provided by operations $40,000 What is the earnings per share on common stock? O a. 1.00 O b. $9.38 O c. $5.00 O d. $8.38