3. Calculating the weighted average number of shares outstanding. Angler Products had net income of $2,500,000 for the year ending December 31, 2018. The company paid $200,000 of dividends on its preferred stock, and the company had the following share information. Common shares on January 1, 2018 Shares issued on April 1, 2018 Shares repurchased on October 1, 2018 Shares outstanding on December 31, 2018 1,000,000 shares 200,000 (100,000) 1,100,000