Ornaments, Incorporated, is an all-equity firm with a total market value of $575,000 and 24,000 shares of stock outstanding. Management believes the earnings before interest and taxes (EBIT) will be $81,500 if the economy is normal. If there is a recession, EBIT will be 10 percent lower, and if there is a boom, EBIT will be 20 percent higher. The tax rate is 21 percent. What is the EPS in a recession? Multiple Choice $2.41 $1.77 $2.65 $2.43 $2.21