As the Financial vice president for Bear Enterprises, you have the following information:

Expected net income after tax next year before new financing : $60,000,000

Sinking Fund payments due next year on existing debt: $20,000,000

Interest due next year on existing debt $18,000,000

Conpany Tax rate 25%

Common Stock Price, per share $17

Common Shares outstanding: 22,000,000

Calculate Bear's Earnings Per Share for next year assuming the firm raises $60 Million of new debt at an interest rate of 9 percent

	a.	$2.54
	b.	$22.54
	c.	$1.69
	d.	$16.95