Total revenues and net income for 2011 for Lake Corporation is $3,500,000 and $280,000 respectively. Lake Corporation has had 400,000 common shares of stock outstanding for all of 2011. The selling price of smith lake corporation common stock on December 31, 2011 is $18. Earnings per share for 2011 are:
a. 12.50
b. $.70
c. $8.75
d. $35.00