Your company produced the following reported year-to-date (YTD) income statements during 2014-2015 period. You have recently completed a comparable company analysis and figured out that the applicable, average Mcap/LTM Net Income multiple for your company is 25.5x Sales COGS Other Income SG&A Restructuring Charge EBIT Reported YTD Income Statement 2014:Q4 4100 2925 90 700 20 Options Tranche 1 2014:Q3 Tranche 2 Tranche 3 Tranche 4 Tranche 5 Tranche 6 3,500 2,200 50 675 0 Interest Expense Pre-tax Income 600 Income Tax (38%) 228 Net Income 372 675 75 545 102 443 168.34 275 2.50 1.00 0.50 Number of Shares (mil) 10.00 7.50 5.00 2015:Q3 3600 3000 Additional Notes: In 2015:Q2, your company recorded a $100 mil. pre-tax inventory write-off due to fire in the company's warehouse. In 2014:Q3, your company realized a $50 mil. pre-tax gain ("other income") on the sale of a non-core business. In 2014:Q4, your company additionally realized a $40 mil. pre-tax gain ("other income") on the sale of a non-core business. In 2014:Q4, your company recognized a $20 mil. pre-tax restructuring costs in connection with a downsizing strategy. Your company has 125 mil. basic outstanding shares, with current stock price of $45 per share. The company has the following information about the options/warrants: 0 120 0 480 73 407 154.66 252 Exercise Prices $ 5.00 $ 25.00 $ 30.00 $ 35.00 $ 40.00 $ 55.00 a) What is the amount of LTM Net Income (adjusted for non-recurring events) based on the reported YTD financial statements and the additional notes provided above? Show your work. b) What is the number of fully diluted shares outstanding? Show your work. c) Given that MCAP/LTM Net Income multiple is 25.5x, what is the Implied Share Price? Show your work.