Refer to the income statement presented in Exhibits 2.9 for Callaway Golf Company.

Required: a) Calculate gross profit margin (gross profit/sales), operating profit margin (operating profit/sales), and net profit margin (net earnings/sales) for this company.

EXHIBIT 2.9 CALLAWAY GOLF COMPANY Consolidated Statements of Operations (In thousands, except per share data) Year Ended December 31, 2016 2015 2014 Net sales $ 871,192 $843,794 $886,945 Cost of sales 486,181 486,161 529,019 Gross profit 385,011 357,633 357,926 Selling expenses 235,556 228,910 234,231 General and administrative expenses 71,969 68,567 61,662 Research and development expenses 33,318 33.213 31,285Total operating expenses 340,843 330,690 327,178 Income from operations 44,168 26,943 30,748 Interest income 621 388 438 Interest expense (2,368) (8,733) (9,499) Gain on sale of investments in golf-related ventures 17.662 Other income (expense), net (1,690) 1,465 (48) Income before income taxes 58,393 20,063 21,639 Income tax (benefit) provision (132,561) 5.495 5,631 Net income 190,954 14,568 16,008 Less: Net income attributable to noncontrolling interests 1.054 Net income attributable to Callaway Golf Company $ 189,900 $ 14,56 $16,008Earnings per common share: Basic $ 2.02 $ 0.18 $ 0.21 Diluted $ 1.98 $ 0.17 $ 0.20 Weighted-average common shares outstanding Basic 94.045 83,116 77,559 Diluted 95,845 84,611 78,385