Lark had net income for 2018 of $105,000. Lark has 33,000 shares of common stock outstanding at the beginning of the year and 48,000 shares of common stock outstanding at the end of the year. There were 5,000 shares of preferred stock outstanding all year. During 2018, Lark declared and paid preferred dividends of $30,000. On December 31, 2018, the market price of Lark's common stock is $32.00 per share and the market price of its preferred stock is $57.00 per share. What is Lark's price/earnings ratio at December 31, 2018? (Round any intermediate calculations and your final answer to the nearest cent.)