Use the following information to answer problems 1 and 2:

Pubco is a public corporation that uses a calendar year and has a complex capital structure. In the computation of its basic and diluted earnings per share (BEPS and DEPS, respectively), Pubco uses income before extraordinary items as the control number. Pubco had no discontinued operations. Pubco reported for the first quarter:

Extraordinary Loss (net of tax), $ 1,200,000

Income before Extraordinary Item, $ 1,000,000

Average market price of common stock for the first quarter $25

Shares outstanding at the beginning of the period 290,000

Additional shares issued on March 1 12,000

5% Convertible Bonds outstanding at beginning of the quarter $2,000,000

Each $1,000 bond convertible into 10 shares of common stock

No bonds were converted.

Shares of preferred stock outstanding at beginning of quarter 120,000 shares

Quarterly dividend per share of preferred stock $0.10

Convertible into common stock on one-to-one basis Preferred shares converted on February 1 60,000 shares

Throughout the first quarter, warrants to buy 50,000 of Pubco's common stock for $28 per share were outstanding but unexercised Pubcos tax rate: 30%

1) Required: What is the weighted-average number of shares used to calculate Pubco's BEPS amounts for the first quarter?

2) Required: What is the weighted-average number of shares used to calculate DEPS amounts for the first quarter?

The answer for 1) is 334,000 and 2) is 434,000. Please Show computations, thank you.