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A Kinston firm has a market value equal to its book value

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A Kinston firm has a market value equal to its book value. Currently, the firm has excess cash of $800 and other assets of $4,200. Equity is worth $5,000. The firm has 200 shares of stock outstanding and net income of $350. What will the new earnings per share be if the firm uses all its excess cash to complete a stock repurchase? 
A. $1.51 B. $1.75 C. $1.96 D. $2.00 
E. $2.08