A firm has a market value equal to its book value. Currently, the firm has excess cash of $1,200 and other assets of $8,500. Equity is worth $6,100. The firm has 1,000 shares of stock outstanding and net income of $970. What will the new earnings per share be if the firm uses its excess cash to do a stock repurchase?

$0.96

$1.03

$1.12

$1.21

$1.45