Corporation had net income for 2016 of $ 42 comma 000. GAZ had 16 comma 000 shares of common stock outstanding at the beginning of the year and 14 comma 000 shares of common stock outstanding as of December​ 31, 2016. During the​ year, GAZ declared and paid preferred dividends of $ 4 comma 500. ​Therefore, GAZ​'s earnings per share for 2016 is $ 2.50. Assume the market price of GAZ​'s common stock is $ 12 per share. Compute GAZ​'s ​price/earnings ratio. Select the​ formula, then enter the amounts to calculate the​ company's price/earnings ratio as of December​ 31, 2016. ​(Abbreviations used: Ave.​ = average, OS​ = outstanding, SE​ = stockholders'​ equity, shrs​ = shares. Round the ratio to two decimal​ places.) / = Price/earnings ratio / =