Texas Instruments is an all$-$equity company and currently has $9,400$ shares of common stock. Each share can be bought or sold for $$26$ in today's market.

Texas Instruments is considering borrowing $$92,000$ by selling corporate bonds, and using the raised money to buy back a part of its outstanding shares of stock from the market. The yield to maturity $($or the annual rate of return$)$ for these bonds is $7\%.$

Calculate Texas Instruments' earnings per share at the break$-$even level of the company's EBIT, such that Texas Instruments' stockholders are neutral to Texas Instruments being financially levered or unlevered.

Multiple Choice

$$3\mathrm{.}16$

$$2\mathrm{.}92$

$$1\mathrm{.}82$

$$2\mathrm{.}18$

$$4\mathrm{.}83$