Groomer Company provided the following income statement for last year:

Sales ...................$1,400,000

Cost of goods sold .................550,000

Gross margin ................$ 850,000

Operating expenses ...............350,000

Operating income ...............$ 500,000

Interest expense .................50,000

Net income before taxes ..............$ 450,000

Income taxes .................135,000

Net income .................$ 315,000

Required:

Calculate the times-interest-earned ratio.