Balance sheet and income statement data indicate the following:

Bonds payable, 9% (due in 15 years)	$876,176
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	$324,261
Income tax for year	$97,278
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. 5.11

b. 4.11

c. 2.88

d. 1.88