11. The shareholders' equity of Alien Enterprises includes $200 million of no par common stock and $100 million of 8% cumulative preferred stock. Cash dividends declared and paid were $5 million in year 2020 and another $5 million in year 2021. The board of directors of Alien declared cash dividends of $32 million in 2022. What is the amount of dividends common shareholders will receive in 2022?

1. 16 million

2. 20 million

3. 18 million

4. 12 million