A company with a share price of $49 has shares outstanding of 5 million and net income of $20 million. The company conducts a leverage recapitalization to alter its capital structure by borrowing $3 million and using the proceeds to buy back shares. The pre-tax cost of debt is 6% and the company's tax rate is 29%.

What will be the new earnings per share after the leverage recapitalization?

Enter your answer rounded to two decimals.