How do I determine the weighted-average number of shares that Buffalo Corporation would use in calculating earnings per share for the fiscal year ended 2021? (I got $1,563,200 for 2020, which was correct.)

And how do I prepare the income statement for fiscal years ended 5/31/20 and 5/31/21?

Buffalo Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2020, and May 31, 2021. The income from operations for the fiscal year ended May 31, 2020, was $1,889,000and income from continuing operations for the fiscal year ended May 31, 2021, was $2,530,000. In both years, the company incurred a9% interest expense on $2,449,000of debt, an obligation that requires interest-only payments for 5 years. The company experienced a loss from discontinued operations of $606,000 on February 2021. The company uses a20% effective tax rate for income taxes.

The capital structure of Buffalo Corporation on June 1, 2019, consisted of962,000shares of common stock outstanding and20,500shares 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, 2019, Buffalo sold an additional511,000shares of the common stock at $20per share. Buffalo distributed a20% stock dividend on the common shares outstanding on January 1, 2020. On December 1, 2020, Buffalo was able to sell an additional760,000shares of the common stock at $22per share. These were the only common stock transactions that occurred during the two fiscal years.