A company generated free cash flow of $50 million during the past year. Free cash flow is expected to increase 5% over the next year and then at a stable 2.1% rate in perpetuity thereafter. The company's cost of capital is 12.0%. The company has $370 million in debt, $28 million of cash, and 39 million shares outstanding. What's the value of each share?

a. 4.8 b. 8.3 c. 5.6 d. 17.8 e. 19.4