Cullumber Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2017, and May 31, 2018. The income from operations for the fiscal year ended May 31, 2017, was $1,835,000and income from continuing operations for the fiscal year ended May 31, 2018, was $2,619,000. In both years, the company incurred a9% interest expense on $2,316,000of debt, an obligation that requires interest-only payments for 5 years. The company experienced a loss from discontinued operations of $606,000on February 2018. The company uses a40% effective tax rate for income taxes.

The capital structure of Cullumber Corporation on June 1, 2016, consisted of975,000shares of common stock outstanding and19,800shares of $50par value,6%, cumulative preferred stock. There were no preferred dividends in arrears, and the company had not issued any convertible securities, options, or warrants.

On October 1, 2016, Cullumber sold an additional506,000shares of the common stock at $20per share. Cullumber distributed a20% stock dividend on the common shares outstanding on January 1, 2017. On December 1, 2017, Cullumber was able to sell an additional796,000shares of the common stock at $22per share. These were the only common stock transactions that occurred during the two fiscal years.

1) Determine the weighted-average number of shares that Cullumber Corporation would use in calculating earnings per share for the fiscal year ended:

Weighted-average number of shares

2017

2018