Layne Corporation had the following information in its financial statements for the years ended 2014 and 2015:

Cash dividends for the year 2015 $ 12,000

Net income for the year ended 2015 115,000

Market price of stock, 12/31/14 10

Market price of stock, 12/31/15 12

Common stockholders equity, 12/31/14 1,600,000

Common stockholders equity, 12/31/15 1,980,000

Outstanding shares, 12/31/15 180,000

Preferred dividends for the year ended 2015 15,000

What is the payout ratio for Layne Corporation for the year ended 2015?

a. 30.1%

b. 18.1%

c. 14.7%

d. 12.0%