The following information pertains to Windsor Company. Assume that all balance sheet amounts represent average balance figures.

Total assets $330000

Stockholders' equity-common 210,000

Total stockholders' equity 298,000

Sales revenue 110,000

Net income 20,600

Number of shares of common stock 7,500

Common dividends 4,700

Preferred dividends 8,300

What is Windsor's payout ratio?

8%.

22.82%.

16%.

36%.