The Claustrophobic Solution, Inc., a residential window and door manufacturer, has the following historical record of earnings per share (EPS) from 2015 to 2007:

	2015	2014	2013	2012	2011	2010	2009	2008	2007
EPS	$1.28	$1.22	$1.18	$1.13	$1.10	$1.05	$1.00	$0.95	$0.90

The companys payout ratio has been 57% over the last nine years and the last quoted price of the firms share of stock was $15. Flotation costs for new equity will be 7%. The company has 34,000,000 of common shares of stock outstanding and a debt-equity ratio of 0.45.

If dividends are expected to grow at the same arithmetic average growth rate of the last nine years, what is the dividend payment per share in 2016?

***Please show the work***