On January $1,2005,$ Oxford Corporation had outstanding $70,000$ common shares.

On April $1,2005,$ Oxford Corporation issued $20,000$ common shares in exchange for

land. On June $1,2005,$ Oxford Corporation reacquired $5,000$ of its common shares.

On November $1,2005,$ Oxford reissued $3,000$ shares. No other transactions

regarding common shares occurred in $2005.$ The denominator to be used in the EPS

calculation is:

$67,917$

$88,000$

$82,584$

$85,000$