Mason Manufacturing had 600,000 shares of common stock outstanding and 150,000 shares of $100 par value preferred stock outstanding January 1, 20X1. An additional 120,000 shares of common stock were issued on August 1 and 24,000 common shares were repurchased and retired on December 1. Mason’s preferred stock is not convertible into common shares. 

Required:

Calculate the weighted-average number of common shares outstanding for purposes of computing Mason’s 20X1 basic earnings per share.