The firm has the market value equal to its book value. Presently, firm has excess cash of $500 and other assets of $5,000. Equity is worth $5,500. Firm has 550 shares of stock outstanding and net income of given value $770. Compute new earnings per share be if firm utilizes its excess cash to complete stock repurchase?
i. $1.00
ii.1.40
iii. $0.83
iv. $1.54
v. $2.37