MLS Ltd. began its latest fiscal year on January 1, Year 4, with 10,000 common shares outstanding. On April 1, MLS sold 3,600 additional common shares. The company declared and issued a 20% stock dividend on June 1. On July 1, MLS repurchased and cancelled 160 common shares. An additional 2,400 common shares were issued on September 1. On November 1, MLS declared and issued a 3-for one stock split. On December 1,MLS issued an additional 100 shares. 50,000 preferred shares were outstanding at the beginning of the year. These shares have a $3 dividend, payable at the end of the year. These are convertible shares and each preferred share is convertible into four common share. Options to buy common shares were also outstanding. There were 30,000 options outstanding to allow holders to buy shares at a price of $15.00. At year end, the options had been outstanding all year. The average share price during the year was $25.00. The company had a convertible 8% bond outstanding in the amount of $2.5 million. The bond was convertible into 150,000 common shares. Net income after tax for the year is $900,000. The tax rate is 43%. REQUIRES: (a) Calculate the weighted average common shares outstanding. (ck \#47,888) (b) Calculate basic and diluted earnings per share. (ck \# Basic \$15.66; Diluted \$2.47)