Jaburow Mining reported the following results. At the end of 2016, the firm has 50,000 million shares of stock outstanding and the market price of its stock was $32.00 per share. What is the earnings per share for 2016?

Income Statement ($ in millions)
Sales	550,000
Cost of goods sold	200,000
Depreciation	100000
EBIT	250,000
Interest paid	50,000
Taxable Income	200,000
Taxes (21%)	42,000
Net income	158,000

Balance Sheets ($ in millions)
	2015	2016		2015	2016
Cash	85,000	95,000	Accounts payable	70,000	80,000
Accounts receivables	65,000	75,000
Inventory	80,000	80,000	Long-term debt	260,000	232,000
Total	230,000	250,000
			Common stock	700,000	780,000
Net fixed assets	1,050,000	1,150,000	Retained earnings	250,000	308,000
Total assets	1,280,000	1,400,000	Total liabilities & equity	1,280,000	1,400,000

Multiple Choice

• $2.21

• $3.85

• $1.35

• $3.16

• $1.86