Holiday Decor is an all-equity firm with a total market value of $347,000 and 12,000 shares of stock outstanding. Management is considering issuing $48,000 of debt at an interest rate of 7 percent and using the proceeds on a stock repurchase. As an all-equity firm, management believes its earnings before interest and taxes (EBIT) will be $33,000 if the economy is normal, $8,000 if it is in a recession, and $41,000 if the economy booms. Ignore taxes. What will the EPS be if the economy falls into a recession and the firm maintains its all-equity status?