Pike Corporation Has Total Stockholders' Equity of $8,690,000 as of December

Pike Corporation has total stockholders' equity of $8,690,000 as of December 31, Year 1. The company has 300,000 shares of $2 par value common stock and 20,000 shares of 8% cumulative preferred stock, $100 par value, outstanding. Due to lower-than-expected net income, no dividends were declared by Pike's board of directors for Year 1. The book value per share of common stock is:

A) $25.00.
B) $21.77.
C) $23.00.
D) $25.60.