Which of the following statements is INCORRECT?

A. Bid-ask spread is the difference between the bid- and ask-price.

B. Ask-price is always higher than bid-price.

C. P/E ratio is defined as price per share divided by earnings per share.

D. Dividend yield is defined as the last quarterly dividend divided by current stock price.

E. Earnings per Share is the companys Net Income dividend by number of common shares outstanding.