The income statement for Christiansen A/S appears below.

                  Christiansen A/S
                Income Statement
For the Year Ended December 31, 2020

Net sales...................................................................................................................€400,000
Cost of goods sold.................................................................................................... 235,000
Gross profit................................................................................................................ 165,000
Expenses (including €14,000 interest and €17,000 income taxes) .....................105,000
Net income ................................................................................................................€ 60,000

Additional information:
1. The weighted-average ordinary shares outstanding in 2020 were 32,000 shares.
2. The market price of Christiansen A/S was €10.80 per share at December 31, 2020.
3. Cash dividends of €20,000 were paid, €5,000 of which were to preference shareholders.

Instructions
Compute the following ratios for 2020.
a. Earnings per share.
b. Price-earnings ratio.
c. Payout ratio.
d. Times interest earned.