Trenton Company has provided the following information:

• Net income, $300,000;
• Preferred shares issued, 6,600;
• Weighted average number of shares of common stock issued, 24,600;
• Cash dividends declared and paid on common stock, $36,000;
• Market price per share, $42;
• Weighted average number of treasury shares of common stock, 4,600.

What is Trenton's price/earnings ratio?

4.09

3.44

2.80

5.04