Assume that the firm has $30 million in funds that it is considering using for the repurchase of shares in the marketplace. The firm is currently trading at a low P/E ratio of 7 times 2015 earnings of $1.06 per share. The shares will be purchased in the open market and no premium will be paid over current price (as is sometimes the case). How many shares will be repurchased? (Round the final answer to the nearest whole number).Answer is $1.06 * 7 = 7.42

$30 000 000 / 7.42 = 4 043 127 shares

3. With the number of shares repurchased, what will be the recomputed value for 2015 earnings per share? (Round to two places to the right of the decimal point).