For the year ended May 31, Year 5, Cooper, Inc. had per-share earnings of $4.80. Cooper's outstanding stock for the Year 4-5 fiscal year consisted of $2 million of 10% preferred with $100 par value and 1 million shares of common. On June 1, Year 5, the common stock split 3 for 1, and the company redeemed one-half of the preferred stock at par value. Cooper Inc.'s net income for the year ended May 31, Year 6 was 10% higher than in Year 5. Basic earnings per share in Year 6 on Cooper's common stock were:
a) $1.76
b) $1.80
c) $5.28
d) $5.40