Harris Shipping Company has excess cash of $300,000 and 200,000 total shares outstanding. The firm pays no dividends and its net income for the year just ended is $100,000. The market value balance sheet at the end of the year is shown below. Calculate the price-earnings ratio prior to a repurchase.

Market Value Balance Sheet
(before paying out excess cash)
Excess Cash			$	300,000		Debt	$	0
Other Assets			$	900,000		Equity	$	1,200,000
Total			$	1,200,000		Total	$	1,200,000