When calculating the return on common equity ratio, why are dividends to preferred shareholders deducted from net income?

	a.	Conservatism indicates that shareholders prefer a smaller numerator.
	b.	Dividends are not expenses on the current period statement of earnings.
	c.	The ratio is an indicator of the return on common shareholders equity rather than the return on total equity.
	d.	Dividends are available for distribution to common shareholders only after the preferred shareholders have received their dividends.