Jasper Limited has 1,000,000 common shares outstanding on January 1.

Jasper Limited has 1,000,000 common shares outstanding on January 1. On February 27, of the current year, 200,000 shares were issued for land and buildings, and another 300,000 shares were issued under a contingent share agreement on August 1. The stipulations in the contingency agreement were met in late March, but there was a delay in issuing the shares. A 2-for-1 stock split was distributed on August 30.

Required:

Calculate the number of weighted-average common shares to use in the calculation of basic EPS.