Martin Manufacturing has earnings per share (EPS) of $5.00, 10 million shares outstanding, and a share price of $30. Martin is considering buying Luther Industries, which has earnings per share of $3, 2 million shares outstanding, and a share price of $20. Martin will pay for Luther by issuing new shares. There are no expected synergies from the transaction.

At current market prices, Martin Manufacturing should offer million shares to Luther Industries shareholders.

If Martin pays no premium to acquire Luther, the earnings per share after the merger =