The following information is available for Stone Corporation:

Net income	$8,726,000
Basic earnings per share of common stock	$ 2.45
Diluted earnings per share of common stock	$ 2.39
Market price per share of common stock	$42.00
Dividends per common share	$0.65

What is the dividend payout ratio on common stock?

	a.	1.5%
	b.	17.6%
	c.	17.1
	d.	17.6
	e.	27.2%