During 20x7, Wells Corporation reported a net income of $1,338,400. On January 1, Wells had 720,000 shares of common stock outstanding. The company issued an additional 480,000 shares of common stock on August 1. In 20x7, the company had a simple capital structure. During 20x8, there were no transactions involving common stock, and the company reported net income of $1,740,000. Determine the weighted-average number of common shares outstanding for 20x7 and 20x8. Also compute earnings per share for 20x7 and 20x8.