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The following information is available for Carla Vista Inc., a company whose shares are traded on the Toronto Stock Exchange:
The following information is available for Carla Vista Inc., a company whose shares are traded on the Toronto Stock Exchange:
Net income for 2017 $154,000Average market price of common shares during 2017 (adjusted for stock dividend) $19December 31, 2017 (fiscal year end) market price of common shares $19Income tax rate for fiscal year 2017 30%
Transactions in common shares during 2017: Change Cumulative sharesJan. 1, 2017, common shares outstanding 80,000Mar. 1, 2017, issuance of common shares 20,000 100,000June 1, 2017, 10% stock dividend 10,000 110,000Nov. 1, 2017, repurchase of common shares (20,000) 90,000
Other information:
1.For all of the fiscal year 2017, $99,000 of 6% cumulative convertible bonds have been outstanding. The bonds were issued at par and are convertible into a total of 12,000 common shares (adjusted for the stock dividend) at the option of the holder, and at any time after issuance.2.Stock options for 21,700 common shares have been outstanding for the entire 2017 fiscal year, and are exercisable at the option price of $24 per share (adjusted for the stock dividend).3.For all of the fiscal year 2017, $99,000 of 4% cumulative convertible preferred shares have been outstanding. The preferred shares are convertible into a total of 14,200 common shares (adjusted for the stock dividend) at the option of the holder, and at any time after January 2022.
Determine the weighted average number of common shares that would be used in calculating earnings per share for the year ended December 31, 2017. (Round answer to 0 decimal places, e.g. 5,275.)
Weighted average number of common shares:
