Weighted Average Number of Shares
Outdoor Recreation Products Inc. had 50,000 shares of common stock outstanding at the end of 2007. During 2008 and 2009, the following transactions took place.
2008
Mar. 31 Sold 10,000 shares at $24.
Apr. 26 Paid cash dividend of $0.45 per share.
July 31 Paid cash dividend of $0.20 per share and issued a 5% stock dividend.
Nov. 1 Sold 12,000 shares at $25.
2009
Feb. 28 Purchased 8,000 shares of common stock to be held in treasury.
Mar. 1 Paid cash dividend of $0.50 per share.
Apr. 30 Issued 4 for 1 stock split.
Nov. 1 Sold 10,000 shares of treasury stock.
Dec. 20 Declared cash dividend of $0.15 per share.
Outdoor Recreation Products Inc. has a simple capital structure.
Instructions: Compute the weighted average number of shares for 2008 and 2009 to be used in the EPS computation at the end of 2009.