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On December 31, 2016, Admiral Nelson Company had 300,000 shares of common stock issued and outstanding. Admiral issued a 10% stock dividend on June...

On December 31, 2016, Admiral Nelson Company had 300,000 shares of common stock issued and outstanding. Admiral issued a 10% stock dividend on June 30, 2017. On September 30, 2017, 12,000 shares of common stock were reacquired as treasury stock. What is the appropriate number of shares to be used in calculating basic earnings per share for 2017?

  1. A) 303,000.
  2. B) 342,000.
  3. C) 312,000.
  4. D) 327,000.

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