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

	2017		2016
Total current assets	$600,000		$560,000
Total investments	60,000		40,000
Total property, plant, and equipment	900,000		700,000
Total current liabilities	125,000		80,000
Total long-term liabilities	350,000		250,000
Preferred 9% stock, $100 par	100,000		100,000
Common stock, $10 par	600,000		600,000
Paid-in capital in excess of par--common stock	60,000		60,000
Retained earnings	325,000		210,000

Based on the above information, if net income is $130,000 and interest expense is $40,000 for 2017, and the market price is $40, what is the price-earnings ratio on common stock (round to one decimal place)?