Northern Wood Products is an all-equity firm with 16,300 shares of stock outstanding and a total market value of $354,000. Based on its current capital structure, the firm is expected to have earnings before interest and taxes of $27,000 if the economy is normal, $14,800 if the economy is in a recession, and $39,200 if the economy booms. Ignore taxes. Management is considering issuing $88,600 of debt with an interest rate of 8 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?