The stockholders equity section of the balance sheet for Velcro World is presented here.

VELCRO WORLD
Balance Sheet (partial)
($ and shares in thousands)
Stockholders' equity:
Preferred stock, $1 par value	$ 6,000
Common stock, $1 par value	30,000
Additional paid-in capital	1,164,000
Total paid-in capital	1,200,000
Retained earnings	288,000
Treasury stock, 11,000 common shares	(352,000)
Total stockholders' equity	$ 1,136,000

Based on the stockholders equity section of the balance sheet for Velcro World, answer the following questions. Remember that all amounts are presented in thousands.

1. If retained earnings at the beginning of the period was $250 million and $30 million was paid in dividends during the year, what was the net income for the year?