The stockholders equity section of Your Nesting Place is presented here.

YOUR NESTING PLACE
Balance Sheet (partial)
($ and shares in thousands)
Stockholders' equity:
Preferred stock, $1 par value	$5,000
Common stock, $1 par value	20,000
Additional paid-in capital	575,000
Total paid-in capital	600,000
Retained earnings	278,000
Treasury stock, 10,000 common shares	(220,000)
Total stockholders' equity	$658,000

Based on the stockholders' equity section of Your Nesting Place, answer the following questions. Remember that all amounts are presented in thousands.

4. If retained earnings at the beginning of the period was $240 million and $20 million was paid in dividends during the year, what was the net income for the year? (Enter your answer in millions (i.e., 5,000,000 should be entered as 5).)