Which One of the Following Statements Related to the Price-Earnings

Which one of the following statements related to the price-earnings (P/E) ratio is correct?

A) The earnings yield is the inverse of the P/E ratio.
B) The P/E ratio is equal to the market price per share divided by total net income.
C) The P/E ratio shown in The Wall Street Journal is based on next year's estimated earnings per share.
D) The P/E ratio varies directly with earnings per share.
E) The earnings for the past twelve months is the method analysts prefer for computing earnings for the P/E ratio.