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Assume that the following transactions affected owners' equity for De Soto Inc. during 2011.

Feb. 1- Sold 40,000 shares of common stock in the market.

Apr. 1- Purchased 3,000 shares of common stock to be held as treasury stock. Paid cash dividends of $0.50 per share.

May 1- Split common stock 2 for 1.

July 1- Sold 15,000 shares of common stock.

Oct. 1- Issued a 10% stock dividend.

Dec. 31- Paid a cash dividend of $0.70 per share. The total amount paid for dividends on December 31 was $407,330.

Compute the weighted-average number of shares to be used in computing basic EPS for 2011. Because no beginning share figures are available, you must work backward from December 31, 2011, to compute shares outstanding. Round each of your calculations to the nearest whole number of shares

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