(Stock repurchases and earnings per share) CareMore, Inc. provides in-home medical assistance to the elderly and earned net income of $ 4.7 million that it plans to use to repurchase shares of the firm's common stock, which is currently selling for $ 43 a share. CareMore has 30 million shares of stock outstanding.

a. What fraction of the firm's shares can the firm repurchase for $ 4.7 million?

b. If the share repurchase has no impact on the firm's net income, what will be its earnings per share after the repurchase?