Reference no: EM132834100

Buffalo Corporation began its latest fiscal year on January 1, 2021, with 520,000 common shares outstanding. During the year, the following events occurred:

1. On February 1, Buffalo sold 14,400 additional common shares.
2. The company declared and issued a 25% stock dividend on March 1.
3. On June 1, Buffalo repurchased and cancelled 3,600 common shares
4. An additional 5,300 common shares were issued on July 1
5. On September 1, Buffalo declared and issued a three-for-one stock split.
6. On December 1, Buffalo issued an additional 16,500 shares.
7. Following the fiscal year, Buffalo declared and issued a two-for-one stock split on February 1, 2022.

Problem 1: The company issued its 2021 financial statements on April 30, 2022. Calculate the weighted average number of common shares that Buffalo should use for calculating its EPS numbers for 2021.