Calculating the Sharpe Ratio

John is evaluating the performance of his investment portfolio, which has generated a return of 12% over the last year. During this period, the risk-free rate (represented by Treasury bills) was 3%, and the portfolio had a standard deviation of returns of 10%. To better understand how well his portfolio performed in relation to its risk, John considers using the Sharpe Ratio. The Sharpe Ratio is defined as the excess return of the portfolio over the risk-free rate divided by the standard deviation of the portfolio's returns.

Given the information provided, which of the following calculations represents the correct Sharpe Ratio for John's portfolio?