The following balance sheets at the end of each of the first two years of operations indicate the following: Total current assets: 2010- $600,000 2009- $560,000 Total investments: 2010- 60,000 2009- 40,000 Total property, plant, and equipment: 2010- 900,000 2009- 700,000 Total current liabilities: 2010- 125,000 2009- 80,000 Total long-term liabilities: 2010- 350,000 2009- 250,000 Preferred 9% stock, $100 par 2010- 100,000 2009- 100,000 Common stock, $10 par 2010- 600,000 2009- 600,000 Paid-in capital in excess of par-common stock: 2010- 60,000 2009- 60,000 Retained earnings: 2010- 325,000 2009- 210,000 If net income is $115,000 and interest expense is $30,000 for 2012, and the market price is $30, what is the price-earnings ratio on common stock for 2012 (round to one decimal point)?