Required Calculate the times interest earned ratio for 2014 and compare it to the industry average in Exhibit 18.11. Explain why it compares favorably or unfavourably.
1 There were 1 million $5, non-cumulative, preferred shares issued and outstanding; no new shares were issued during 2013 or 2014.
2 There were 25 million common shares issued and outstanding; no new shares were issued during 2013 or 2014.
3 There are no dividends in arrears. Dividends totaling $62 million were declared and paid during2014.