West, Inc. has a net income of $800,000 for 2002, and there are 200,000 weighted average shares of common stock outstanding. Dividends declared and paid during the year amounted to $160,000 on the preferred stock and $240,000 on the common stock. The earnings per share for 2002 is :
a) $4.00.
b) $1.20.
c) $3.20.
d) $2.00