On January 1, 2017, Culver Industries purchased 1,800 treasury shares. Other information regarding Culver Industries is provided below. 2016 2017 Net income 196,200 218,800 Dividends on preference shares 34,400 34,400 Dividends on ordinary shares 21,800 27,500 Weighted-average number of ordinary shares outstanding 11,400 9,600 Ordinary shareholders' equity beginning of year 596,400 736,400 Ordinary shareholders' equity end of year 736,400 815,000 Compute return on ordinary shareholders' equity for each year. (Round answers to 2 decimal places, e.g. 10.50% or 10.50.) 2016 2017 X Return on ordinary shareholders' equity % 22.7 22.6 %