Southpaw Canopies is an all-equity firm with a total market value of $4,800,000. The firm has 120,000 shares of stock outstanding. Management is considering issuing $400,000 of debt at an interest rate of 6 percent and using the proceeds to repurchase shares. The projected earnings before interest and taxes are $244,000. What are the anticipated earnings per share if the debt is issued? Ignore taxes. (Round the number of shares repurchased down to the nearest whole share.) $3.64 $222 5022 $2.00 $183