december 31, 2004 and 2005, taft corp had 100,000 shares of common stock and 50,000 shares of noncumulative and conconvertible preferred stock issued...

december 31, 2004 and 2005, taft corp had 100,000 shares of common stock and 50,000 shares of noncumulative and conconvertible preferred stock issued and outstanding. additional information is as follows: stockholders equity at december 31, 2005 = $4,500,000; net income year ended december 31, 2005 = $1,200,000; dividends on preferred stock yeard eneded december 31, 2005 = $300,000; market price per share of common stock at december 31, 2005 = $144. based on this information the price earning ratio on common stock at december 31, 2005 is