PEARL CITY LTD. Income Statement Year Ended December 31 (in thousands)
		2018		2017		2016
Sales (all on credit)		$4,479		$4,007		$3,576
Cost of goods sold		2,520		2,115		1,798
Gross profit		1,959		1,892		1,778
Operating expenses		1,452		1,482		1,480
Income from operations		507		410		298
Interest expense		190		131		70
Income before income tax		317		279		228
Income tax expense		79		70		57
Net income		$238		$209		$171

Retained earnings

1,518

1,509

1,363

The company paid all dividends as soon as they were declared and has only issued common shares. There are no preferred shares. Retained earnings at the beginning of 2016 were $1.4 million. Calculate the cash dividends declared and dividend payout ratio for each year. (Round payout ratio to 1 decimal place, e.g. 5.2%.)

		2016			2017			2018
Dividends declared (in thousands)		$			$			$
Payout ratio			%			%			%