Itzkoff Company has provided the following comparative information:

	2016		2015		2014		2013		2012
Net income	$1,370,200		$1,181,200		$992,600		$848,400		$719,000
Interest expense	465,900		425,200		367,300		280,000		222,900
Income tax expense	438,464		330,736		277,928		220,584		172,560
Total assets (ending balance)	8,351,258		8,808,556		6,346,160		6,605,268		5,008,995
Total stockholders' equity (ending balance)	2,657,235		3,210,859		2,050,611		2,555,421		1,533,253
Average total assets	8,579,907		7,577,358		6,475,714		5,504,390		4,686,070
Average stockholders' equity	2,934,047		2,630,735		2,303,016		2,044,337		1,793,017

You have been asked to evaluate the historical performance of the company over the last five years.

Selected industry ratios have remained relatively steady at the following levels for the last five years:

	20122016
Rate earned on total assets	21.1%
Rate earned on stockholders' equity	43.5%
Number of times interest charges are earned	4.6
Ratio of liabilities to stockholders' equity	2.1

d. Ratio of liabilities to stockholders' equity????

2016
2015
2014
2013
2012