On January 1, 2010, Shelly Inc. reports 400,000 shares outstanding. On March 1, the company re-purchases 100,000 shares at $22 per share. On July 1, the company issues 200,000 new shares. On October 1, the company declares a 50% stock dividend. On November 1, 2010, holders of convertible noncumulative preferred stock redeemed their preferred shares for 100,000 common shares. Preferred dividends of $200,000 had been declared and paid in fiscal 2010 prior to the conversion. Net income for fiscal year 2010 was $2,000,0000.

What is basic weighted-average common shares?