Convertible Preferred Stock, Convertible Bonds, and EPS Francis Company has 19,200 shares of common stock outstanding at the beginning of 2019. Francis issued 2,400 additional shares on May 1 and 1,600 additional shares on September 30. It also has two convertible securit outstanding at the end of 2019. These are: 1. Convertible preferred stock: 2,000 shares of 9.0%, $50 par, preferred stock were issued on January 2, 2016, for $60 per share. Each share of preferred stock is convertible 2 shares of comman stock. Current dividends have been declared and paid. To date, no preferred stock has been converted. 2. Convertible bonds: Bonds with a face value of $200,000 and an interest rate Francis earned net income of $76,000 during 2019. The income tax rate is 30%. Required: were issued at par in 2018. Each $1,000 bond is convertible into 25 shares of common stock. To date, ne bonds have been converted 1. Compute the number of shares of common stock that Francis should use in calculating basic earnings per share for 2019 Weighted average shares outstanding 21,200 shares