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