having与with的问题

各位nn们，其实这道题可能用不到nn···但是我刚刚复习GMAT几天，所以·········

The results of the company’s cost- cutting measures are evident in its profits, which increased five percent during the first three months of this year after it fell over the last two years.

      A.      which increased five percent during the first three months of this year after it fell

B.       which had increased five percent during the first three months of this year after it had fallen

C.      which have increased five percent during the first three months of this year after falling

D.      with a five percent increase during the first three months of this year after falling

E.       with a five percent increase during the first three months of this year after having fallen

我想知道为什么不选d的？另外d的成分是什么？伴随状语吗？

应该是因为over the last 2 years这样的时间状语需要用到完成时吧。