Company P’s net profit for the year is $38.5 million and it has the following shares outstanding: Ordinary shares - 2

[answerhappygod]

Company P’s net profit for the year is $38.5 million and it has
the following shares outstanding:

Ordinary shares
- 2,125,000 weighted average shares outstanding
- Dividend payout ratio of 75%

Preference shares
- 52,000 preference shares outstanding
- Dividend of $45 per share
- Convertible into ordinary shares at a ratio of 20:1

Based on this information, the diluted earnings per share (EPS) for
the year for Company P is closest to:

A. 9.1
B. 12.2
C. 17.0