For the year ended 2020, ABC Company has $1,250,000 of debt with an annual interest rate of 6.0%, $2,000,000 of preferred stock with an annual preferred dividend rate of 9.0%, $3,500,000 of common stock (total book value), and 273,065 common shares outstanding.

The company plans to undertake an expansion project which requires $500,000 external capital and is considering the following two long-term financing alternatives: (1) new term loan with an interest rate of 10.0%; its sinking fund provision requires the loan to be fully amortized over the next 5 years, commencing in 2022; and (2) 10,000 new shares of preferred stock to net the firm $50 per share, with a new preferred dividend rate of 12%. The company expects that the existing debt and preferred stock will not be retired until the year 2026; hence, they will .remain in the same amount in 2021. If the project goes as planned, the company expects $1,200,000 of EBIT in 2021. The company's corporate tax rate is 40%.

What will the expected earnings per share under the new debt alternative be? Ignore dollar sign and round your answer to two decimal places of dollar, e.g., x.xx. (Hint: Refer to the EBIT-EPS Analysis example (table) and the Reading Article of HTI Company in Long-Term Financing Decision.)