Andover Bank Is Planning to Purchase Berkley Bank

Andover Bank is planning to purchase Berkley Bank.The current market value of Andover's stock is $55 per share while that of Berkley's stock is $15 per share.Andover plans to pay Berkley's stockholders a $5 bonus per share.Currently,Andover has 100,000 shares outstanding and earnings per share of $12,while Berkley has 50,000 shares outstanding and earnings per share of $5.Suppose that the earnings of the new bank are $1,600,000 and the combined bank will have 118,182 shares outstanding.What will be the earnings per share for the new bank?

A) $17.00 per share
B) $13.54 per share
C) $9.67 per share
D) $12.27 per share
E) None of the options is correct