Northern Wood Products is an all-equity firm with 14,000 shares of stock outstanding and a total market value of $585,480. Based on its current capital structure, the firm is expected to have earnings before interest and taxes of $46,800 if the economy is normal, $21,200 if the economy is in a recession, and $56,000 if the economy booms. Ignore taxes. Management is considering issuing $150,000 of debt at a coupon rate of 7 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? (Round the number of shares repurchased down to the nearest whole share.)