See Table 2.5 showing financial statement data and stock price data for Mydeco Corp.

Suppose Mydeco repurchases 2 million shares each year from 2020–2023. What would its earnings per share be in 2023?

TABLE 2.5

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Mydeco Corp 2019-2023 (All data as of fiscal year end; $in millions) Income Statement 2019 2020 2021 2022 2023 Revenue 404.3 362.8 4246 510.7 604.1 Cost of Goods Sold -188.3 -173.8 -206.2 -240.0 -293.4 Gross profit 216.0 190.0 218.4 263.9 310.7 Sales and Marketing -66.7 66.4 -82.8 -102.1 -120.8 Administration 60.6 -59.1 -58.4 -66.4 -78.5 Depreciation & Amortization -27.3 -27.0 34.3 -384 -38.6 61.4 37.5 41.9 57.0 72.8 Interest income (Expense) -33.7 32.9 322 -37.4 39.4 Pretax Income 27.7 4.6 9.7 19.6 33.4 Income Tax -9.7 -1.6 -24 -69 11.7 Net Income 18.0 3.0 63 12.7 21.7 Shares outstanding (millions) 55.0 56.0 55.0 55.0 55.0 Earnings per share $0.33 $0.05 $0.11 $0.23 $0.39 Balance Sheet 2019 2020 2021 2022 2023 Assets Cash 48.8 68.9 86.3 77.5 85.0 Accounts Receivable 98.6 69.8 69.8 76.9 98.1 Inventory 33.7 30.9 28.4 31.7 35.3 Total Current Assets 171.1 1696 184.5 186.1 206.4 Net Property. Plant & Equip 245.3 243.3 309.0 345.6 347.0 Goodwill & Intangibles 361.7 361.7 361.7 281.7 361.7 778.1 774.6 855.2 893.4 915.1