Basic EPS and Weighted Average Number of Shares

During 2023, Daktronics Incorporated had the following transaction in its common stock:

• January 1 880,000 shares of common stock were outstanding.
• April 3 100,000 shares were re-acquired.
• July 2 200,000 shares were issued.
• October 1 The company had a 2-for-1 stock split
• October 3 50,000 shares were issued

Daktronics reported net income of $560,000 and paid preferred dividends of $40,000 during 2023. The tax rate is 40%.

1. Compute the weighted average number of shares for 2023.

2. Compute basic EPS for Daktronics for 2023.