The following information pertains to Blue Flower Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit.

Assets

Cash and short-term investments	$ 45,000
Accounts receivable (net)	30,000
Inventory	25,000
Property, plant and equipment	210,000
Total Assets	$310,000

Liabilities and Stockholders' Equity

Current liabilities	$ 60,000
Long-term liabilities	95,000
Stockholders' equitycommon	155,000
Total Liabilities and Stockholders' Equity	$310,000

Income Statement

Sales revenue	$ 116,000
Cost of goods sold	66,000
Gross margin	50,000
Operating expenses	30,000
Net income	$ 20,000
Number of shares of common stock	6,000
Market price of common stock	$20
Dividends per share on common stock	.50
Cash provided by operations	$35,000

What is the price-earnings ratio for this company?