On December 31, 2021, Franken Company had 45,000 shares of common stock outstanding and 29,000 shares of 4%, $100 par, cumulative preferred stock outstanding.

During 2022 the company had the following events:

On February 28, 2022, Franken purchased 9,000 shares of common stock on the open market as treasury stock paying $46 per share.

On June 1, the company distributed a 5% stock dividend.

On September 30, 2022, Franken sold 5,400 treasury shares, for $48 per share.

Required (Using the working papers provided):

Compute Franken's weighted average shares outstanding used for basic earnings per share for 2022.