Mason Manufacturing had 600,000 shares of common stock outstanding and 150,000 shares of $100 par value preferred stock outstanding January 1, 2017. An additional 120,000 shares of common stock were issued on August 1 and 24,000 common shares were repurchased and retired on December 1. Mason's preferred stock is not convertible into common shares. Required: Calculate the weighted average number of common shares outstanding for purposes of computing Mason's 2017 basic earnings per share. (Amounts to be deducted should be indicated by a minus sign.) Number of shares Weight (Months) Weighted Average 1/1/2017 Analysis of Common Shares: Shares outstanding at beginning of year Shares issued Shares repurchased 8/1/2017 12/1/2017 Weighted average shares outstanding