Alessandra Makeup Manufacturers provided the following income statement for last year:

Sales..........................................$51,350,000

Cost of goods sold...........................19,250,000

Gross margin.................................$32,100,000

Operating expenses...........................6,200,000

Operating income...........................$25,900,000

Interest expense.................................9,500,000

Income before taxes........................$16,400,000

Income taxes....................................6,560,000

Net income...................................$ 9,840,000

Required:

Calculate the times-interest-earned ratio.