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Unexercised stock options to purchase 20 shares of common stock (adjusted for the 2014 stock dividend) at $20 per share were outstanding at the beginning

Unexercised stock options to purchase 20 shares of common stock (adjusted for the 2014 stock dividend) at $20 per share were outstanding at the beginning and end of 2014. The average market price of Pueblo's common stock (which was not affected by the stock dividend) was $25 per share during 2014. The ending market price was $40. Net income for the year ended December 31, 2014, was $2,200. What was Pueblo's 2014 basic earnings per share, rounded to the nearest cent?

1)

$19.30

2)

$20.00

3)

$20.20

4)

$20.96

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