The following information pertains to Grey Corp.'s outstanding stock for 2016: Common stock, $5 par value Shares outstanding, 1/1/2016 Shares issued, 7/1/2016 50% stock divdend, 9/1/2016 31,812 5,668 Preferred stock, $10 par value, 5% cumulative Shares outstanding, 1/1/2016 14,043 What is the number of shares Grey should use to calculate 2016 basic earnings per share? Question 8