Tomas has the same market value as its book value, they are the same. The company has excess cash of $1,100, equity of $13,500 and other assets of $12,400. The company has 2,700 shares of stock outstanding and net income of $10,800. The company then uses its excess cash of $1,100 to do a stock repurchase.

After this stock repurchase, how much will the price-to-earnings ratio change? (Show before and after P/E)