Stockholders' equity:
Convertible $17.20 preferred stock, $250 par value, 1,000,000 shares authorized; 345,000 shares issued and outstanding $ 86,250
Common stock, par value $0.50; 25,000,000 shares authorized 6,819
Additional paid-in capital 87,260
Retained earnings 57,263

Total stockholders' equity $ 237,592


What is the total amount of the annual dividends paid to preferred stockholders?