What is the earnings per share for the year ended 31 December 20X4?

On 1 January 20X4 JK had 1,500,000 ordinary shares in issue. On 1 September 20X4 JK issued 600,000 ordinary shares at the market value of $2.50 a share. For the financial year ended 31 December 20X4 the statement of profit or loss shows profit before tax of $625,000 and profit after tax of $500,000.

What is the earnings per share for the year ended 31 December 20X4?
A . 23.8 cents
B . 36.8 cents
C . 26.3 cents
D . 29.4 cents

Answer: D