On December 31, 2012, Candid Companys board of directors canceled 5,000 shares of $50 par value held in treasury at an average cost of $120 per share. Before recording the cancelation of the treasury shares, the entity had the following balances in its shareholders equity:

Share capital (50,000 shares originally issued at $75) 2,500,000

Share premium 1,250,000

Retained earnings 1,000,000

Treasury shares, at cost 600,000

On December 31, 2012, what amount should be reported as share capital-outstanding?