Nazar Co. had the following activity related to common stock: January 1 33,000 shares outstanding May 1 - Repurchased 5,000 shares August 1 - Issued 32,000 shares Nazar also had convertible bonds that are convertible into shares of common stock. Assume these bonds are dilutive and that the after-tax cost of interest on these bonds is 6,000 Nazar reported net income of 156,200 and diluted EPS of 2.00. What was the number of shares of common stock that the bonds could be converted into? 78,100 38,100 35,100 40,200 none of the other answers