The following information was drawn from the accounting records of Kerry Company. Net income available to common stockholders $ 201,000 Preferred stock outstanding, 8% cumulative $ 40,500 Market price per share of common stock $ 10.50 Common stock outstanding $ 1,242,000 Average number of common shares outstanding 101,000 shares Dividends per share on common stock $ 0.55 per share Based on this information the company's dividend yield on its common stock is