$5$ of $15$

On December $31,2020,$ Beta Company had $300,000$ shares of common stock issued and outstanding. Beta issued a $5\%$ stock dividend on June $30,2014.$ On September $30,2021,40,000$ shares of common stock were reacquired as treasury stock. What is the appropriate number of shares to be used in the basic earnings per share computation for $2021?$

$267,500$

$305,000$

$307,500$

$315,000$