Northern Wood Products is an all$-$equity firm with $24,700$ shares of stock outstanding and a total market value of $$375,000.$ Based on its current capital structure, the firm is expected to have earnings before interest and taxes of $$37,500$ if the economy is normal, $$23,200$ if the economy is in a recession, and $$51,800$ if the economy booms. Ignore taxes. Management is considering issuing $$94,900$ of debt with an interest rate of $9$ percent. If the firm issues the debt, the proceeds will be used to repurchase stock. What will the earnings per share be if the debt is issued and the economy is in a recession?

Group of answer choices

$$\mathrm{.}79$

$$2\mathrm{.}34$

$$1\mathrm{.}10$

$$\mathrm{.}59$

$$1\mathrm{.}57$