Ivanhoe Corporation is preparing the comparative financial statements for the annual report to its shareholders for the fiscal years

ended May $31,2023,$ and May $31,2024.$ The income from operations was $$1,715,800$ and $$2,508,000,$ respectively, for each year. In

both years, the company incurred a $10\%$ interest expense on $$2,549,300$ of debt for an obligation that requires interest$-$only

payments for five years. The company experienced a loss of $$645,800$ from the discontinued operation of its Scotland facility in

February $2024.$ The company uses a $30\%$ effective tax rate for income tax.

The capital structure of Ivanhoe on June $1,2022,$ consisted of $1,087,100$ common shares outstanding and $21,100$ of $$50,$ par value,

$6\%$ cumulative preferred shares. There were no preferred dividends in arrears, and the company had not issued any convertible

securities$,$ options, or warrants.

On October $1,2022,$ Ivanhoe sold an additional $521,700$ common shares at $$20$ per share. Ivanhoe distributed a $20\%$ stock dividend

on the common shares outstanding on January $1,2023.$ On December $1,2023,$ Ivanhoe was able to sell an additional $730,000$

common shares at $$20$ per share. These were the only common share transactions that occurred during the two fiscal years.Determine the weighted average number of shares that Ivanhoe would use in calculating earnings per share for the fiscal year ended:

May $31,2023$

shares

May $31,2024$

shares