The Company Has 14 Million Common Shares Outstanding for Market

The company has 14 million common shares outstanding for market price of $18.90 each. It has 3 million preferred shares outstanding at market price of $12 on which a dividend of $1.50 was paid out. If the company has a Price/Earnings ratio of 12, what after-tax net income did the company earn?

A) $2,646,000
B) $2,601,000
C) $17,550,000
D) $22,050,000
E) $26,550,000