On December 31, 20x2, Preacher, inc. had 300,000 ordinary shares outstanding. The following transactions occurred during 20x3:
a. Issued 180,000 shares to key employees as compensation for their past services to the company on February 28,
20x3.
b. Issued a 10% dividend on March 31, 20x3.
c. Issued 200,000 ordinary shares for cash on June 30, 20x3.
d. Declared a 2-for-1 stock split on October 1, 20x3.
e. Declared cash dividends of P5 per share on November 1,
20x3.
f. Reacquired 60,000 treasury shares on December 1, 20x3.
Requirement: What number of shares should be used in computing
hasic earnings per share for the year ended December 31, 2003?