The Grant Company reported the following income for 2014:

Sales	$	145,000
Cost of goods sold		87,500
Gross margin	$	57,500
Selling and administrative expense		30,000
Operating income	$	27,500
Interest expense		6,500
Income before taxes	$	21,000
Income tax expense		6,300
Net income	$	14,700

What is the company's number of times interest is earned ratio? (Round your final answer to 1 decimal place.)

2.3 times

3.2 times

4.2 times

None of these answers is correct.