Use the information provided to calculate the weighted average number of common shares outstanding for diluted earnings per share for the year 2020.

24,000 common shares outstanding on January 1, 2020. 10,000 convertible preferred shares outstanding on January 1, 2020. Each preferred share can be converted to 12 common shares. 12,000 common shares issued on March 1, 2020 5,000 preferred shares were converted to common shares on May 31, 2020. 18,000 common shares were issued on September 1, 2020. A 1: 2 reverse split took place on November 15, 2020. 6,000 portfolio shares were purchased on December 1, 2020. 51,000 shares outstanding on December 31, 2020.