Casey Corp has 100,000 stock warrants outstanding all year. Each warrant is convertible into 1 share of common stock for an exercise price of $8. The market price of the common stock at the end of the current year is $24 per share. Casey has a 20% tax rate. What is the denominator that should be used to account for the warrants' effect on dilutive EPS? (I am asking only for the denominator you would use in the calculation for warrants portion only).

Select one:

0 shares

33,333 shares

53,333 shares

66,667 shares

26,667 shares