Orge is an all-equity firm with 300,000 shares outstanding. It has $3,000,000 of EBIT, which is expected to remain constant in the future. The company pays out all of its earnings, so earnings per share (EPS) equal dividends per shares (DPS). Its tax rate is 35%. Lets assume the stock price is $50 before recapitalization. The company is considering issuing $2,000,000 of 6.0% bonds at par value and using the proceeds to repurchase stock. The risk-free rate is 4%, the market return is 12.0%, and the CFO believes beta would rise to 1.2 if the recapitalization occurs. (Hint: first calculate cost of equity, second calculate the number of shares to be repurchased, third calculate EPS and then stock price after recapitalization) What is EPS after recapitalization?