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Sheridan Limited purchased 40,800 call options during the year. The options give the company the right to buy its own common shares for $8 each.

Sheridan Limited purchased 40,800 call options during the year. The options give the company the right to buy its own common shares for $8 each. The average market price during the year was $13 per share. Calculate the incremental shares outstanding for Sheridan Limited.

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