The Following Are the Income Statements and Balance Sheets for Thomas

The following are the income statements and balance sheets for Thomas Company: $\begin{array}{lr}&20X9\\\text { Sales only credit sales) } & \$ 1,606.0 \\\text { Less cost of goods sold } & \underline{1,062.0}\\\text { Gross profit } & \$ 544.0 \\\text { Less operating expenses } & 322.0\\\text { Operating income } & \$ 222.0 \\\text { Less other expense: Interest } & 9.6\\\text { Income before tax } & \$ \overline{212.4} \\\text { Lessincome tax expense } & {85.0} \\\text { Net income } & \$ {127.4}\end{array}$ $\begin{array}{lrrlrr}&20X9&20X8&&20X9&20X8\\\text { Current assets: } &&&{\text { Current liabilities: }} \\\text { Cash } & \$ 36 & \$ 38 & \text { Accts payable } & \$ 98 & \$ 64 \\\text { Accts receivable } & 180 & 144 & \text { Wages payable } & 18 & 16 \\\text { Inventory } & 120 & 100 & \text { Taxes payable } & 28 & 4 \\\text { Prepaid rent } & 20 & 24 & \text { Current portion } & &\\\text { Total current assets }&\$356&\$306&\text { of long-term debt }&30&6\\\text { Long-term assets: } & & & \text { Total current } & & \\\text { Fixed assets } & \$ 320 & \$ 316 & \text { liabilities } & \$ 174 & \$ 90 \\\text { Accum. deprec. } & \underline{206}) & \underline{180}) & \text { Long-term liabilities } & \underline{66} & \underline{92}\\\text { Total long-term assets }&\$114&\$136&\text { Total liabilities }&\$240&\$182\\&&&\text { Owners' equity: }\\&&&\text { Common stock, } \$ 5 \text { par }&\$80&\$80\\&&&\text { Retained income } & 150 & 180\\&&&\text { Total owners' equity }&\$230&\$260\\\text { Total assets }&\$470&\$442&\text { Total liab. and own. equity }&\$470&\$442\\\\\end{array}$
$\text {December 31 market price per share:}\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\$120\quad\quad\$106$ The dividend?payout ratio for Thomas Company in 20X9 is _____.

A) 24.1%
B) 103.7%
C) 105.0%
D) 123.5%