Balance sheet and income statement data indicate the following:

Bonds payable, 9% (due in 15 years)	$1,092,269
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	$408,891
Income tax for year	$122,667
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)?