The ledger of JFK, Inc. shows common stock, common treasury stock, and no preferred stock. For this company, the formula for computing book value per share is:

(a) total paid-in capital and retained earnings divided by the number of shares of common stock issued.

(b) common stock divided by the number of shares of common stock issued.

(c) total stockholders’ equity divided by the number of shares of common stock outstanding.

(d) total stockholders’ equity divided by the number of shares of common stock issued.