MHJ Inc. has a market value equal to its book value. Currently, the firm has excess cash of $1,500, other assets of $10,400, and equity valued at $4,750. The firm has 250 shares of stock outstanding and net income of $600. What will the new earnings per share be if the firm uses 25 percent of its excess cash to complete a stock repurchase?

A) $2.61 B) $1.83 C) $2.40 D) $2.93 E) $1.96