Ryan Company has as a goal that its earnings per share
should increase by at least 3% each year; this goal has been
attained every year over the past decade. As a result, the market
price per share of Ryan's common stock also has increased each
year. Last year (2015), Ryan's earnings per share was $3. This
year, however, is a different story. Because of decreasing sales,
preliminary computations at the end of 2016 show that earnings per
share will...