Based on the stock transactions below, what is the weighted average number of shares outstanding as of December 31, 20X1, that should be used in the calculation of basic earnings per share in financial statements issued March 1, 20X2?

HINT: treat stock splits and stock dividends as if they occurred on the first day of the year.

Date	Transactions
January 1, 20X1	Beginning balance 100,000 shares of stock outstanding
April 1, 20X1	Issued 30,000 shares for cash
June 1, 20X1	50% stock dividend
September 1, 20X1	2 for 1 stock split
December 1, 20X1	Issued 45,000 shares for cash

229,167

250,000

371,250

435,000