of the company over the last five years. Figure 2 provided a current balance sheet, and Figure 3 represented an abbreviated income statement for 2015. The firm was considering buying back 625,000 shares of stock outstanding at $16 per share. This would represent $10 million in total. The funds to purchase the shares would be acquired from a new bond issue that would carry an interest rate of 11.25 percent. The bond would have a 15-year life. The firm was in a 34 percent tax bracket. Figure 1 Earnings per share for the last five years Year 1" Quarter 2nid Quarter 3d Quarter 4th Quarter Yearly Total 2011 . $.23 $.25 $.19 $.34 2012 $1.01 26 .28 .27 .41 1.22 2013 .34 .36 33 .48 1.51 2014 .....sat .35 .37 34 49 2015. 1.55 .35 .36 .36 .49 1.56