Weighted Average Shares

Jumbo Corporation reported the following information about its stock on its December 31, 2018, balance sheet:

Preferred stock, $100 par value, 6% cumulative, 30,000 shares authorized 1,000 shares issued and outstanding	$100,000
Common stock, $10 par value, 150,000 shares authorized 50,000 shares issued and outstanding	500,000

Jumbo Corporation engaged in the following stock transactions during 2019:

Mar. 1	Issued 10,000 shares of common stock for cash.
Apr. 1	Purchased 2,000 shares of common stock as treasury stock.
Aug. 1	Resold 1,000 shares of treasury stock.
Sept. 1	Declared and distributed a 50% stock dividend on common stock.

Required:

2. Calculate the number of shares that Jumbo would use to calculate basic EPS for its 2019 income statement. Round your answer to the nearest whole number. ?..... shares