Crane Medical manufactures hospital beds and other institutional furniture. The companys comparative balance sheet and income statement for 2015 and 2016 follow.

2015 Crane Medical Comparative Balance Sheet As of December 31 2016 Assets Current assets Cash $373,000 Accounts receivable, net 1,065,900 Inventory 748,000 Other current assets 396,000 Total current assets 2,582,900 Property, plant, & equipment, net 8,977,605 Total assets $11,560,505 $417,400 776,500 681,000 247,100 2,122,000 8,484,895 $10,606,895 Liabilities and Stockholders' Equity Current liabilities Long-term debt Total liabilities Preferred stock, $5 par value Common stock, $0.25 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $3,198,000 3,702,600 6,900,600 57,100 100,000 4,502,805 4,659,905 $11,560,505 $2,846,100 3,892,650 6,738,750 57,100 103,900 3,707,145 3,868,145 $10,606,895 Crane Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2016 2015 Sales revenue (all on account) $10,580,000 $9,613,950 Cost of goods sold 5,579,000 5,298,750 Gross profit 5,001,000 4,315,200 Operating expenses 2,840,200 2,634,150 Net operating income 2,160,800 1,681,050 Interest expense 392,000 308,700 Net income before taxes 1,768,800 1,372,350 Income taxes (30%) 530,640 411,705 Net income $1,238,160 $960,645 Dividends paid Preferred dividends 29,500 29,500 Common dividends 413,000 417,000 Total dividends paid 442,500 446,500 Net income retained 795,660 514,145 Retained earnings, beginning of year 3,707,145 3,193,000 Retained earnings, end of year $4,502,805 $3,707,145 Calculate the earnings per share (average of 417,000 shares outstanding for the year) for 2016. (Round answer to 2 decimal places, e Earning per share per share Calculate the earnings per share (average of 417,000 shares outstanding for the year) for 2016. (Round answer to 2 decimal places, e.g. 2.55.) Earning per share per share LINK TO TEXT LINK TO VIDEO Calculate the price/earnings ratio (market price of $45 at year-end) for 2016. (Round answer to 2 decimal places, e.g. 2.55.) Price/earnings ratio LINK TO TEXT LINK TO VIDEO Calculate the dividend payout ratio (dividends of $1.04 per common share for the year) for 2016. (Round answer to 2 decimal places, e.g. 2.55%.) Dividend payout ratio