The anwer was posted but I cannot figure out why it uses 15000/(15000+45000)rather than 15000/(15000+45000*0.5)?

QUESTION 4 - 3 marks Jillian Inc. has 15,000 preferred shares and 45,000 common shares issued and outstanding. The preferred shares have an annual dividend entitlement of $1 per share and are cumulative and fully participating. Jl paid $100,000 in dividends in fiscal 2017, which was the first time it paid dividends since 2014. Calculate the allocation between preferred and common, assuming that the common share base dividend is $0.50 per share and that participation is based on the relative number of shares outstanding