Pharoah Corporation Ltd. has the following capital structure at the following fiscal years ended December 31:

		2020		2019
Number of common shares		660,000		510,000
Number of non-convertible, non-cumulative preferred A shares		30,000		30,000
Amount of 6% convertible bonds		$1,000,000		$1,000,000

The following additional information is available.

1.		On July 31, 2020, Pharoah Corporation exchanged common shares for a large piece of equipment. This was the only transaction that resulted in issuance of common shares in 2020.
2.		Income before discontinued operations for 2020 was $1,300,000, and a loss from discontinued operations of $260,000 was recorded, net of applicable tax recovery.
3.		During 2020, dividends in the amount of $4 per share were paid on the preferred A shares.
4.		Each $1,000 bond can be converted into 25 common shares.
5.		There were unexercised stock options, outstanding since 2017, that allow holders to purchase 20,000 common shares at $4.00 per share.
6.		Written warrants to purchase 10,000 common shares at $11.00 per share were outstanding at the end of 2019, and no warrants were exercised in 2020.
7.		The average market value of the common shares in 2020 was $9.00.
8.		Pharoahs tax rate is 20%.
9.		Pharoah declared and paid a $5,000 dividend to common shareholders on June 1, 2020.

Determine the weighted average number of common shares that would be used in calculating earnings per share for the year ended December 31, 2020.

Weighted average number of common shares

Enter your answer in accordance to the question statement shares

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Starting with the heading Income from Continuing Operations, prepare the bottom portion of the income statement for the year ended December 31, 2020. Assume that Pharoah Corporation discloses all applicable earnings per share data on the face of the income statement. (Round Earnings Per Share amounts to 2 decimal places, e.g. 15.25. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Pharoah Corporation Partial Income Statement December 31, 2020For the Year Ended December 31, 2020For the Month Ended December 31, 2020
Income from Discontinued OperationsIncome from Continuing OperationsLoss from Discontinued OperationsNet Income / (Loss)Loss from Continuing Operations		$
Loss from Discontinued OperationsIncome from Continuing OperationsNet Income / (Loss)Income from Discontinued OperationsLoss from Continuing Operations
Loss from Discontinued OperationsIncome from Discontinued OperationsNet Income / (Loss)Loss from Continuing OperationsIncome from Continuing Operations		$
Basic earnings per share:
Income from Continuing OperationsNet Income / (Loss)Loss from Discontinued OperationsIncome from Discontinued OperationsLoss from Continuing Operations		$
Loss from Discontinued OperationsLoss from Continuing OperationsNet Income / (Loss)Income from Discontinued OperationsIncome from Continuing Operations
Net Income / (Loss)Loss from Continuing OperationsIncome from Continuing OperationsIncome from Discontinued OperationsLoss from Discontinued Operations		$
Diluted earnings per share:
Income from Discontinued OperationsLoss from Continuing OperationsIncome from Continuing OperationsNet Income / (Loss)Loss from Discontinued Operations		$
Income from Continuing OperationsIncome from Discontinued OperationsLoss from Discontinued OperationsNet Income / (Loss)Loss from Continuing Operations
Income from Discontinued OperationsIncome from Continuing OperationsLoss from Discontinued OperationsLoss from Continuing OperationsNet Income / (Loss)		$