A company has 1 million shares outstanding and earnings are ₤2 million. The company decides to use ₤10 million in idle cash to repurchase shares in the open market. The company’s shares are trading at ₤50 per share. If the company uses the entire ₤10 million of idle cash to repurchase shares at the market price, the company’s earnings per share will be closest to:

A. ₤2.00.

B. ₤2.30.

C. ₤2.50.