As of February 2008, you are researching Jonash International, a hypothetical company subject to cyclical demand for its services. Jonash shares closed at $57.98 on 2 February 2007. You believe the 20032006 period reasonably captures average profitability:

Measure	2007	2006	2005	2004	2003
EPS	E$3.03	$1.45	$0.23	$2.13	$2.55
BV per share	E$19.20	$16.21	$14.52	$13.17	$11.84
ROE	E16.0%	8.9%	1.6%	16.3%	21.8%

A.) Define normalized EPS.

B.) Calculate a normalized EPS for Jonash based on the method of historical average EPS and then calculate the P/E based on normalized EPS.

C.) Calculate a normalized EPS for Jonash based on the method of average ROE and the P/E based on normalized EPS.