Spooner, Inc has a simple capital structure. Data for the company is as follows: As of January 1, 2016, Spooner, Inc. had 450,000 shares of common stock issued and outstanding On August 1, 2016, the firm issued an additional 135,000 shares of common stock On September 1, 2016, a 15 percent stock dividend was issued to all common shareholders On October 1, 2016, 60,000 shares were reacquired as treasury shares. Net income in 2016 was $319,200. (1) Compute the weighted-average number of common shares outstanding for 2016. SHOW YOUR WORK! (2) Compute the basic carnings per share in 2016