During 2011, Arthur Corportation reported a net income of $3,059,000. On January 1, Arthur had 2,800,000 shares of common stock outstanding. The company issued an additional 1,680,000 shares of common stock on October 1. In 2011, the company had a simple capital structure. During 2012, there were no transactions involving common stock, and the company reported net income of $4,032,000.

1. Determine the weighted-average number of common shares outstanding each year.

2. Compute earnings per shre for each year.