Problem 16-9 Buffalo Corporation is preparing the comparative financial statements to be included in the annual report to stockholders. Buffalo employs a fiscal year ending May 31 Income from operations before income taxes for Buffalo was $1,428,000 and $680,000, respectively, for fiscal years ended May 31, 2018 and 2017. Buffalo experienced a loss from discontinued operations of $369,000 on March 3, 2018, A 40% combined income tax rate pertains to any and all of Buffalo Corporation's profits, gains, and losses. Buffalo's capital structure consists of preferred stock and common stock. The company has not issued any convertible securities or warrants and there are no outstanding stock options. Buffalo issued 40,700 shares of $100 par value, 6% cumulative preferred stock in 2014, All of this stock is outstanding, and no preferred dividends are in arrears. There were 964,800 shares of $1 par common stock outstanding on June 1, 2016. On September 1, 2016, Buffalo sold an additional 381,600 shares of the common stock at $18 per share. Buffalo distributed a 20% stock dividend on the common shares outstanding on December 1, 2017. These were the only common stock transactions during the past 2 fiscal years. Your answer is incorrect. Try again Determine the weighted-average number of common shares that would be used in computing earnings per share on the current comparative income statement for: Weighted-average number of common shares (1) The year ended May 31, 2017. 1251000 (2) The year ended May 31, 2018. 1251000