Sheridan Corporation had the following information in its financial statements for the years ended $2025$ and $2026$:

Cash dividends for the year $2026$

$$9900$

Net income for the year $2026$

$96700$

Market price of stock, $12/31/25$

Market price of stock, $12/31/26$

Common stockholders' equity, $12/31/251006000$

Common stockholders' equity, $12/31/261203000$

Outstanding shares, $12/31/26100000$

Preferred dividends for the year $2026,14700$

What is the payout ratio for Sheridan Corporation for the year ended $12/31/2026?$

$18\mathrm{.}4\%$

$12\mathrm{.}1\%$

$28\mathrm{.}8\%$

$10\mathrm{.}4\%$