Use the following information to calculate the times interest earned (interest coverage) ratio:

Galaxy United, Inc. 2012 Income Statement

Net sales $614,100 Less: Cost of goods sold 521,400 Less: Depreciation 11,200 Earnings before interest and taxes 81,500 Less: Interest paid 10,100 Taxable income $71,400 Less: Taxes 28,900 Net income $42,500