Green-light, a producer of energy-saving light bulbs, currently has 3.5 million shares outstanding. The company would like to expand its operations and undertake a new investment project. However, it will have to increase its corporate borrowings in order to finance the new investment. This move will cost the firm an extra $1 million dollars of interest expense. If the corporate tax rate is 26%, what will be the change in Green-lights earnings per share?

A) earnings per share will increase by approximately $ 0.29

B) earnings per share will increase by approximately $ 0.52

C) earnings per share will increase by approximately $ 0.21

D) earnings per share will decrease by approximately $ 0.74

E) earnings per share will decrease by approximately $ 0.21