Waterway Industries had the following information in its financial statements for the years ended 2017 and 2018:

Cash dividends for the year 2018

$ 10400

Net income for the year ended 2018

92400

Market price of stock, 12/31/17

9

Market price of stock, 12/31/18

11

Common stockholders' equity, 12/31/17

1610000

Common stockholders' equity, 12/31/18

1983000

Outstanding shares, 12/31/18

167000

Preferred dividends for the year ended 2018

14200

What is the payout ratio for Waterway Industries for the year ended 2018?

15.4%

17.3%

13.3%

11.3%