Total revenues and net income for 2011 for lake corporation is $3,500,000 and $280,000 respectively. Lake corporation has had 400,000 common shares of stock outstanding for all of 2011. the selling price of smith lake corporation common stock on December 31, 2011 is $18. earning per share for 2011 is:

a. 12.50

b. $.70

c. $8.75

d. $35.00