Equations have been done I just need help explaining this question.

What is the impact on the Earnings Per Share of the original shareholders of each firm from this stock swap. Explain.

Zerka company and Maliwan Data (Dec 31, 2019). Item Zerka Maliwan Earnings available for common stock $30,000,000.00 12,600,000 Number of shares of common stock Earnings per share Market price per share Price/Earnings (P/E) ratio $ 7,100,000.00 $ 4.23 $ $ 45.00 $ $ 10.65$ 3,500,000 3.60 25.00 6.94 Ratio of exchange Zerka has to issue stock totaling Zerka will have 0.5556 1,944, 444 shares 9,044,444 Outstanding shares Stockholders Zerka Maliwan Earnings per share Before merger After merger $ 4.23 $ $ 3.60 $ 4.71 2.62