The following balance sheets at the end of each of the first two years of operations indicate the following:
Total current assets:
2010 $600,000 2009 $560,000
Total investments:
2010 60,000 2009 40,000
Total property, plant, and equipment:
2010 900,000 2009 700,000
Total current liabilities:
2010 125,000 2009 80,000
Total long term liabilities:
2010 350,000 2009 250,000
Preferred 9% stock, $100 par
2010 100,000 2009 100,000
Common stock, $10 par
2010 600,000 2009 600,000
Paid in capital in excess of par common stock:
2010 60,000 2009 60,000
Retained earnings:
2010 325,000 2009 210,000
If net income is $115,000 and interest expense is $30,000 for 2012, and the market price is $30, what is the price earnings ratio on common stock for 2012 (round to one decimal point)?
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