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Answer (C) is correct . The price-earnings ratio is calculated by dividing the current market price of the stock by the earnings per share. Diluted earnings per share is used if disclosed. Thus, Hamilton’s price-earnings ratio is 5.0 ($45 market price ÷ $9).

Answer (A) is incorrect because The figure of 3.0 is based on use of the stated value per share as the denominator.
Answer (B) is incorrect because The figure of 4.0 is based on erroneously using the basic earnings per share as the denominator.
Answer (D) is incorrect because The figure of 6.0 is derived by using Year 2 dividends per share as the denominator.