Trenton Company has provided the following information:

• Net income, $320,000;
• Preferred shares issued, 6,800;
• Weighted average number of shares of common stock issued, 24,800;
• Cash dividends declared and paid on common stock, $38,000;
• Market price per share, $44;
• Weighted average number of treasury shares of common stock, 4,800.

What is Trenton's earnings per share?

$12.90.

$16.00.

$10.81.

$8.42.