Part III - 5 Marks Each Total Marks - (Continued) 3. There are 2,500,000 common shares of Lowlands Co. in issue. Last year, operating income was $1,550,000. Interest expense was $350,000, and tax expense was $400,000. A common share dividend of $0.20 per share was paid. Required (a) Calculate the following: (i) Interest cover ratio (ii) Dividend cover ratio (iii) Earnings per share (b) If the market price was $5 per share, what is the price to earnings ratio