Crane Corporation had the following information in its financial statements for the year ended 2025 and 2026: Common cash dividends for the year 2026 Net income for the year 2026 Market price of stock, 12/31/26 Common stockholders' equity, 12/31/25 Common stockholders' equity, 12/31/26 Outstanding shares, 12/31/26 Preferred dividends for the year 2026 $21600 121000 24 2210000 2620000 154700 29700 What is the payout ratio for Crane Corporation for the year ended 12/31/2026?

a) 41.2%

b) 17.9%

c) 23.7%

d) 23.3%