Amed Construction is considering investing in a new project that will cost $6 million and increase net income by 12%. This project will be completely funded by issuing new equity shares. Currently, the firm has 2.5 million shares of stock outstanding with a market price of $50 per share. The current earnings per share are $1.50. What will the earnings per share be if the project is implemented? ( Do not use the $ sign in your answer. If your answer is $85.93, enter 85.93)