Drury Corporation needs to raise $1,700,000. The corporation plans on selling 80,000 shares of $17 par value common stock. Drury Corporation currently has 170,000 shares of stock outstanding and net income of $1,600,000. The $1,700,000 from the stock sale is expected to generate additional income of $500,000 before interest and taxes. The income tax rate is 40%. What are the earnings per share after the sale of 80,000 shares of stock? (Round your final answer to the nearest cent.)

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The Answer of Drury Corporation needs to raise $1,700,000. The corporation plans on selling 80,000 shares of $17 par value common stock. Drury Corporation currently has 170,000 shares of stock outstanding and net income of $1,600,000. The $1,700,000 from the stock sale is expected to generate additional income of $500,000 before interest and taxes. The income tax rate is 40%. What are the earnings per share after the sale of 80,000 shares of stock? (Round your final answer to the nearest cent.)

Drury Corporation Needs to Raise $1,700,000