Information from the financial statements of Spain Company is provided below:
20X2 20X1
Total comprehensive income $110,000 $123,000
Cash dividends paid $42,000 $38,000
Average number of shares $140,000 $145,000
Market price per share year-end $16 $13

The price to earnings ratio for 20X2 is:
a. 20.63
b. 17.77
c. 20.36
d. 18.97