Berkson Hawthorn Is a Public Company Trading on the Toronto

Berkson Hawthorn is a public company trading on the Toronto Stock Exchange. The company's shares are currently trading for $16.00 per share. Berkson just released the following information related to its 20X7 year-end: $$\begin{array} { | l | r | r | } \hline & \underline { \mathbf { 2 0 X 7 } } & \underline { \mathbf { 2 0 X 6 } } \\\hline \text { Total assets } & \$ 14,500,000 & \$ 13,250,000 \\\hline \text { Total liabilities } & \$ 7,500,000 & \$ 6,750,000 \\\hline \text { Net income } & \$ 762,500 & \$ 555,000 \\\hline \text { Preferred share dividends } & \$ 65,000 & \$ 65,000 \\\hline \text { Average number of common shares outstanding } & 100,000 & 100,000 \\\hline\end{array}$$ For 20X7, the company's earnings per share were closest to

A) $6.50
B) $6.98
C) $7.63
D) $7.00