Question - Layne Corporation had the following information in its financial statements for the years ended 2014 and 2015:
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Cash dividends for the year 2015
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$10,000
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Net income for the year ended 2015
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83,000
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Market price of stock, 12/31/14
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10
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Market price of stock, 12/31/15
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12
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Common stockholders' equity, 12/31/14
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1,600,000
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Common stockholders' equity, 12/31/15
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1,980,000
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Outstanding shares, 12/31/15
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180,000
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Preferred dividends for the year ended 2015
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15,000
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What is the payout ratio for Layne Corporation for the year ended 2015?