Northern Wood Products is an all-equity firm with 20,300 shares of stock outstanding and a total market value of $364,000. Based on its current capital structure, the firm is expected to have earnings before interest and taxes of $32,000 if the economy is normal, $18,800 if the economy is in a recession, and $45,200 if the economy booms. Ignore taxes. Management is considering issuing $91,600 of debt with an interest rate of 6 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?