A firm had net income of $150,000 for the year ending 2007. The company paid out 40% of earnings per share as a dividend. The firm has 120,000 shares issued and outstanding. What are the retained earnings for 2007?

Sorry, I forgot to show my work. I have $150,000 x (1-.40) = $90,000

I don't think this is correct and I'm not sure how to go about solving it. Thanks in advance for any help!