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Financial information for Forever 18 includes the following selected data (in millions): ($ in millions) 2018 2017 Net income $ 159 $ 235 Dividends on

Financial information for Forever 18 includes the following selected data (in millions):

($ in millions) 2018 2017
Net income $ 159 $ 235
Dividends on preferred stock $ 28 $ 19
Average shares outstanding (in millions) 300 500
Stock price $ 11.22 $ 10.17

2-a. Calculate the price-earnings ratio in 2017 and 2018. (Enter your Price-earning ratio values to two decimal places. Enter your answers in millions (i.e. 5,550,000 should be entered as 5.55).)

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