When a company calculates its earnings per common share for its financial statements, it uses the weighted-average number of common shares outstanding during the year. Enertec Corp. began its fiscal year (January 1 to December 31) with 5 million common shares outstanding. Additional common shares were issued during the year as shown in the following table.

What was average number of common shares outstanding during the year? (Assume that each month has the same length.)

Date Event Additional shares issued March June 1 New public offering 1,000,000 500,000 750,000 Employees and officers exercise stock options November 1 Coamvertible