Blue Bay Logistics Ltd.'s shareholders' equity accounts were as follows at the beginning of the current fiscal year, April 1, 2009:
- $6-cumulative preferred shares (20,000 shares issued) $1,800,000
- Common shares (500,000 shares issued) 3,750,000
- Contributed capital-reacquisition of common shares 50,000
- Retained earnings 1,500,000
- Total shareholders' equity $7,100,000
During the year, the following selected transactions occurred:
- June 1 Reacquired 22,800 common shares for $9 per share.
- July 1 Issued 52,000 common shares for $10 per share.
- Feb. 28 Declared the annual preferred dividend to shareholders of record on March 12, payable on April 1.
- Mar. 31 Net earnings for the year ended March 31, 2009, were $1,021,350.
Calculate the weighted average number of common shares for the year.