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The DEF Company was weighing three financing options for a diversification program which would require $50 million and provide greater stability in sales and profits. The options were as follows: 1. One million common shares at $50 net to the company. 2. 500,000 shares of preferred stock paying 9.5% dividend. 3. $50 million of 8.5% interest paying bonds. The current capital structure contained debt on which interest of $1.2 million is currently paid. Preferred stock obligations amount to $1.8 million per year. Common shares outstanding is 2 million shares. Income tax bracket of the company is 46%. Use 3 decimal places in your computations. What would be the EPS at an EBIT of $34M under Plan 3