A company's net income for 2021 is $418,000. The only potentially dilutive securities outstanding were 8,000 options issued during 2020, each exercisable for one share at $12. None has been exercised, and 40,000 shares of common were outstanding during 2021. The average market price of the company's stock during 27021 was $50. What is the denominator in calculating diluted earnings per share for 2021