The shareholders' equity of Ellen Enterprises includes $400 million of no par common stock and $200 million of 5% cumulative preferred stock. Cash dividends declared and paid were $6 million in year 2020 and another $6 million in year 2021. The board of directors of Ellen declared cash dividends of $40 million in 2022. What is the amount of dividends common shareholders will receive in 2022?

A $16 million

B $20 million

C $22 million

D $12 million