Use the information provided to calculate the weighted average of outstanding common shares for the purposes of the diluted profit per share for 2020.

24,000 common shares in circulation on January 1, 2020.

10,000 convertible preferred shares in circulation on January 1, 2020. Each preferred shares can be converted into 12 common shares.

12,000 common shares issued on March 1, 2020

5,000 preferred shares became common shares on May 31, 2020.