Orchard"s common stock, which is listed on a major stock exchange, was quoted at $4 per share on December 31. Orchard"s net income for the year ended...

Orchard"s common stock, which is listed on a major stock exchange, was quoted at $4 per share on December 31. Orchard"s net income for the year ended December 31 was $50,000. The yearly preferred dividend was declared. No capital stock transactions occurred. What was the price earnings ratio on Orchard"s common stock at December 31?