Balance sheet and income statement data indicate the following:

Bonds payable, 6% (due in 15 years) $1,106,989
Preferred 8% stock, $100 par (no change during the year) $200,000
Common stock, $50 par (no change during the year) $1,000,000
Income before income tax for year $323,108
Income tax for year $96,932
Common dividends paid $60,000
Preferred dividends paid $16,000

Based on the data presented above, what is the times interest earned ratio (round to two decimal places)?