On December 31, 2020, True Fashions Corporation Inc. had 180 million shares of common stock and 4 million shares of 8%, $100 par value cumulative preferred stock issued and outstanding. On April 1, 2021, True Fashions issued 16 million shares of its common stock for cash. True Fashions also issued a 20% common stock dividend on September 1, 2021. 3,600,000 (3.6 million) shares of common stock were repurchased as treasury stock on November 1. Net income for the year ended December 31, 2021, was $80 million. Required:

1. Determine the amount of net income available to common shareholders used in computing the EPS to be reported on 2021 income statement.

2. Determine the weighted-average number of shares used in computing the EPS to be reported on 2021 income statement.