A firm has a market value equal to its book value, excess cash of $500, other assets of $6,200, and equity of $8,200. The firm has 400 shares of stock outstanding and net income of $680. What will the new earnings per share be if the firm uses its excess cash to completethe stock repurchase?

Multiple Choice

• $.86
• $1.44
• $.94
• $1.81
• $1.53