Wagner Trucking is considering investing in a new project that will cost $6 million and increase net income by 5 percent. This project will be completely funded by issuing new equity shares. Currently, the firm has 2 million shares of stock outstanding with a market price of $30 per share. The current earnings per share are $1.60. What will the earnings per share be if the project is implemented? 
A. $1.39
B. $1.45
C. $1.53
D. $1.60
E. $1.68