=+LG 3 P18–10 Expected EPS: Merger decision Safran S.A. is considering a merger with Zodiac Aerospace. Safran had earnings of €15.78 billion last year, has 409 million shares outstanding, and expects earnings to grow at an annual rate of 5%. Zodiac had earnings of €5.2 billion last year, has 280 million shares of common stock outstanding, and expects earnings to grow at 4% per year.