Use the Table for the Question(s) Below -Refer to the Balance Sheet Above

Use the table for the question(s) below.
$\begin{array} { c } \text { Luther Corporation}\\ \text { Consolidated Balance Sheet }\\ \text {June 30, 2011 and 2012 (in \$ millions) }\\\begin{array} { l }\hline \text { Assets } & 2012 & 2011 & \begin{array}{l}\text { Liabilities and } \\\text { Shareholders' Equity }\end{array} &2012&2011\\\hline \text { Current Assets } & & & \text { Current Liabilities } & \\\hline \text { Cash } & 63.6 & 58.5 & \text { Accounts payable } & 87.6&73 .5 \\\hline \text { Accounts receivable } & 55.5 & 39.6 & \begin{array}{l}\text { Notes payable / } \\\text { short-term debt }\end{array} & 10.5&9 .6\\\hline \text { Inventories } & 45.9 & 42.9 & \begin{array}{l}\text { Current maturities of } \\\text { long-term debt }\end{array} & 39.9&36 .9 \\\hline \text { Other current assets } & 6.0 & 3.0 & \text { Other current liabilities } & 6.0&12 .0\\\hline\\\hline \text { Long-Term Assets } & &&{\text { Long-Term Liabilities }} \\\hline \text { Land } & 66.6 & 62.1 & \text { Long-term debt } & 239.7&168 .9 \\\hline \text { Buildings } & 109.5 & 91.5 & \text { Capital lease obligations } & \ldots&\ldots\\\hline \text { Equipment } & 119.1 & 99.6 & \text { Total Debt } & 239.7&168 .9 \\\hline\begin{array} { l } \text { Less accumulated}\\ \text { depreciation }\\\end{array}&(56.1) & (52.5) & \text { Deferred taxes } & 22.8&22 .2 \\\hline \begin{array}{l}\text { Net property, plant, and } \\\text { equipment }\end{array} & 239.1 & 200.7 & \text { Other long-term liabilities } & ---&---\\\hline \text { Goodwill } & 60.0 & -- & \text { Total long-term liabilities } & 262.5&191 .1 \\\hline \text { Other long-term assets } & 63.0 & 42.0 & \text { Total liabilities } & 406.5&323 .1 \\\hline \text { Total long-term assets } & 362.1 & 242.7 & \text { Shareholders' Equity } & 126.6&63 .6 \\\hline\\\hline\text { Total Assets } & 533.1 & 386.7&\begin{array} { l } \text {Total liabilities and }\\ \text { Shareholders' Equity }\\\end{array}&533.1&386 .7 \\\hline\end{array}\end{array}$

-Refer to the balance sheet above. If in 2012 Luther has 10.2 million shares outstanding and these shares are trading at $16 per share, then using the market value of equity, the debt-equity ratio for Luther in 2011 is closest to:

A) 2.35
B) 1.78
C) 1.71
D) 2.31