1)JSW Inc. reported 2015 basic EPS of $7.50 compared to 2014 basic EPS of $10.00. Which of the following activities could most plausibly and directly contribute to the changes observed in JSWs basic EPS from 2014 to 2015?

A Smaller issuance of preferred dividends in 2015 than in 2014.

B Acquisition of a trademark in 2015.

C Larger declines in the fair value of available for sale securities in 2015 than in 2014.

D Large numbers of employee options were exercised at the beginning of 2015.

E Lower use of net operating losses (NOLs) to reduce tax liability in 2015 than in 2014.