(b) A series of questions about the Dividend Cycle for Ordinary Cash Dividends 27 Company D announces that it has 10,000,000 shares authorized and issued. In its initial public offering 7,000,000 of these shares were offered to the public. I This leaves 3,000,000 yet to be offered and so they are not "outstanding." Three years after the public offering Company D repurchased 2,200,000 shares. The Company continues to hold them for possible reissuance. They have NOT been retired. There has been no other activity in Common Stock other than its normal trading in the market. For purposes of measuring Dividends how many shares should be counted as outstanding?" (These are the shares on which a dividend will be paid.)