Maverick Companys 2016 Income Statement:

Sales Revenue $915,000

COGS (444,000)

Selling and Admin. Expenses (289,000)

Interest Expense (150,000)

Net Income $ 32,000

Maverick Companys Dec 31, 2016 Balance Sheet:

ASSETS

Cash $ 10,000

A/R 42,000

Inventory 85,000

Other Assets 28,000

PP & Equipment 150,000

Acc. Depreciation (65,000)

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TOTAL ASSETS $250,000

LIABILITIES and OWNERS EQUITY

Accounts Payable $19,000

Advance from Customer 10,000

Bonds Payable 61,000

Common Stock 75,000

$7.25 Preferred Stock 80,000

Treasury Stock (15,000)

Retained Earnings 20,000

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TOTAL LIABILITIES and OE $ 250,000

There are 50,000 shares of Common Stock outstanding on December 31, 2016;

There are 12,000 shares of $7.25 Preferred Stock outstanding on December 31, 2016;

The company held 18,000 shares of Treasury Stock on December 31, 2016;

What was Mavericks 2016 EPS (Earnings Per Share) ?

In 2017 Maverick decided to buy back (repurchase) 10,000 shares of their stock for $22.00 per share. There were no other stock related transactions in 2017. Assume Mavericks reported 2017 Net Income was the same as in 2016. What was Mavericks EPS in 2017 ?