The balance sheets at the end of each of the first two years of operations indicate the following:

Kellman Company
	Year 2	Year 1
Total current assets	$616,300	$594,400
Total investments	61,000	50,300
Total property, plant, and equipment	852,600	674,400
Total current liabilities	119,400	84,600
Total long-term liabilities	309,900	243,300
Preferred 9% stock, $100 par	91,000	91,000
Common stock, $10 par	536,400	536,400
Paid-in capital in excess of par-common stock	62,200	62,200
Retained earnings	411,000	301,600

Using the balance sheets for Kellman Company, if net income is $114,700 and interest expense is $30,100 for Year 2, what is the return on stockholders' equity for Year 2 (round percent to two decimal points)?

a. 12.01%

b. 10.97%

c. 11.36%

d. 12.74%