IGF Foods Company is a large, primarily domestic, consumer foods company involved in the manufacture, distribution, and sale of a variety of food products. Industry averages are derived from Troy'sThe Almanac of Business and Industrial Financial Ratiosand Dun and Bradstreet'sIndustry Norms and Key Business Ratios. Following are the 2021 and 2020 comparative income statements and balance sheets for IGF. The market price of IGF's common stock is $47 during 2021. (The financial data we use are from actual financial statements of a well-known corporation, but the company name used in our illustration is fictitious and the numbers and dates have been modified slightly to disguise the company's identity.)

IGF FOODS COMPANYYears Ended December 31, 2021 and 2020($ in millions)20212020Comparative Income StatementsNet sales$6,440$5,800Cost of goods sold(3,667)(3,389)Gross profit2,7732,411Operating expenses(1,916)(1,629)Operating income857782Interest expense(54)(53)Income from operations before tax803729Income taxes(316)(287)Net income$487$442Net income per share$2.69$2.44Average shares outstanding181 million181 million($ in millions)20212020Comparative Balance SheetsAssetsTotal current assets$1,879$1,490Property, plant, and equipment (net)2,5922,291Intangibles (net)800843Other assets7460Total assets$5,345$4,684Liabilities and Shareholders' EquityTotal current liabilities$1,473$941Long term debt534728Deferred income taxes407344Total liabilities2,4142,013Shareholders' equity:Common stock180180Additional paid-in capital2163Retained earnings2,7302,428Total shareholders' equity2,9312,671Total liabilities and shareholders' equity$5,345$4,684

Some ratios express income, dividends, and market prices on a per share basis. As such, these ratios appeal primarily to common shareholders, particularly when weighing investment possibilities. These ratios focus less on the fundamental soundness of a company and more on its investment characteristics.

Required:

1.Calculate 2021 earnings per share for IGF.

2.Calculate IGF's 2021 price-earnings ratio.

3.Calculate IGF's 2021 dividend payout ratio.

(Round "Earning per share" to 2 decimal places and the ratios to 1 decimal place.)