Partridge Company Provides the Following Information for the Year 2014

Partridge Company provides the following information for the year 2014:
$$\begin{array} { l l } \text { Net income: } & \$ 31,200 \\\text { Market price of common stock: } & \$ 12.00 / \text { share } \\\text { Dividends paid: } & \$ 0.80 / \text { share } \\\text { Common stock outstanding at January } 1,2014 : & 110,000 \text { shares } \\\text { Common stock outstanding at December } 31,2014 : & 150,000 \text { shares } \\\text { (No preferred stock issued) } &\end{array}$$
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How much was the price/earnings ratio for one share of common stock?

A) 3.05
B) 0.50
C) 1.50
D) 50.0