FAI EX 14-15 Times interest earned OBJ. 6 Loomis, Inc., reported the following on the company's income statement in two recent years: Current Year Prior Year Interest expense $ 13,500,000 $ 16,000,000 Income before income tax expense 310,500,000 432,000,000 a. Determine the times interest earned ratio for the current year and the prior year. Round to one decimal place. b. Is this ratio improving or declining