E11-17 Determining the Effect of a Stock Repurchase on EPS and ROE (LO 11-2, LO 11-5] Swimtech Pools Inc. (SPI) reported the following in its financial statements for the quarter ended March 31, 2018. Common Stock, $1 par, 46,000 shares outstanding Additional Paid-In Capital Retained Earnings Total Stockholders' Equity December March 31, 2017 31, 2018 $ 46,000 $46,000 27,600 27,600 18,400 18,400 $92,000 $92,000 During the quarter ended March 31, SPI reported Net Income of $6,440 and declared and paid cash dividends totaling $6,440. Required: 1. Calculate earnings per share (EPS) and return on equity (ROE) for the quarter ended March 31. 2. Assume SPI repurchases 9,600 of its common stock at a price of $2 per share on April 1, 2018. Also assume that during the quarter ended June 30, 2018, SPI reported Net Income of $6,440 and declared and paid cash dividends totaling $6,440. Calculate earnings per share (EPS) and return on equity (ROE) for the quarter ended June 30, 2018