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 complete a stock repurchase? A. $0.96 B. $1.03 C. $1.12 D. $1.21 E. $1.45