Balance sheet and income statement data indicate the following:

Bonds payable, 12% (due in 15 years)	$888,581
Preferred 8% stock, $100 par
(no change during the year)	$200,000
Common stock, $50 par
(no change during the year)	$1,000,000
Income before income tax for year	$304,594
Income tax for year	$91,378
Common dividends paid	$60,000
Preferred dividends paid	$16,000

Based on the data presented above, what is the times interest earned ratio (round to two decimal places)?

a. 3.86

b. 2.00

c. 2.86

d. 1.00