Newdex has net income of $3,100,000 (INCLUDING the effect of expected out-of-pocket costs) and 1,000,000 shares outstanding. It needs to raise $5,100,000 in funds for a new asset. Its investment banker plans to sell an issue of common stock to the public for $50, less a spread of 10%. How much must Newdex's after-tax income increase by to prevent dilution of earnings per share? (Round "EPS" to 1 decimal place, intermediate and final answers to the nearest whole dollar amount.)

Multiple Choice

• $192,200

• $351,332

• $316,200

• None of these