Nielson Motors is currently an all $-$ equity financed firm. It expects to generate EBIT of $$20$ million over the next year.

Currently Nielson has $8$ million shares outstanding, and its stock is trading at $$20\mathrm{.}00$ per share. Nielson is considering

changing its capital structure by borrowing $$50$ million at an interest rate of $8\%$ and using the proceeds to repurchase

shares. Assume perfect capital markets.

Nielson's EPS if they change their capital structure is: $($Round your answer to the nearest cent, i$.$e$.,$ $$.xx.)$