Lester Company reported the following information for the year ended December 31, 2015: Net income $1,000,000 Preferred dividends declared and paid 160,000 Common dividends declared and paid 90,000 Average common shares outstanding 100,000 Ending market price per share 35 Net sales 3,100,000 ? What was Lester's earnings per share for 2015?

A) $8.40
B) $10.00
C) $7.50
D) $31.00

A