table of contents marketaxess holdings inc .
notes to consolidated financial statements 2014 ( continued ) ( in thousands , except share and per share amounts ) the combined aggregate amount of redemption requirements for the senior preferred shares was as follows : shares of series b convertible preferred stock were convertible into common stock on a 3.33-for-one basis and only in connection with an initial public offering of the company 2019s stock .
dividends on the series b convertible preferred stock accrued at the rate of 8% ( 8 % ) per annum and were subordinate to dividend payments on the senior preferred shares .
shares of series b convertible preferred stock had a liquidation preference equal to the original issue price plus all cumulative accrued but unpaid dividends .
the liquidation preference was subordinate to that of the senior preferred shares .
cumulative accrued but unpaid dividends were forfeited upon conversion of shares of series b convertible preferred stock into common stock .
as such , the company did not accrue dividends , as liquidation of the shares of series b convertible preferred stock was not anticipated .
as of december 31 , 2004 , the company had 110000000 authorized shares of common stock and 10000000 authorized shares of non-voting common stock .
as of december 31 , 2003 , the company had 120000000 authorized shares of common stock and 450060 authorized shares of non-voting common stock .
common stock entitles the holder to one vote per share of common stock held .
non-voting common stock is convertible on a one-for-one basis into shares of common stock at any time subject to a limitation on conversion to the extent such conversion would result in a stockholder , together with its affiliates , owning more than 9.99% ( 9.99 % ) of the outstanding shares of common stock .
on march 30 , 2004 , the company 2019s board of directors authorized , and on november 1 , 2004 the company effectuated , a one-for-three reverse stock split of shares of common stock and non-voting common stock to be effective prior to the closing of the company 2019s initial public offering .
all references in these financial statements to the number of shares of common stock and non-voting common stock of the company , securities convertible or exercisable therefor and per share amounts have been restated for all periods presented to reflect the effect of the common stock reverse stock split .
in 2004 and 2003 , the company had 1939734 shares and 1937141 shares , respectively , of common stock that were issued to employees .
included in these amounts , in 2001 , the company awarded 64001 shares and 289581 shares to employees at $ .003 and $ 3.60 , respectively , per share .
the common stock subscribed was issued in 2001 in exchange for three-year promissory notes ( 64001 shares ) and eleven-year promissory notes ( 289581 shares ) , which bear interest at the applicable federal rate and are collateralized by the subscribed shares .
the promissory note due in 2004 was repaid on january 15 , 2005 .
compensation expense in relation to the excess of the fair value of such awards over the amount paid will be recorded over the vesting period .
the awards vest over a period of either one and one-half or three years and are restricted as to transferability based on the vesting schedule set forth in the award agreement .
the eleven-year promissory notes ( 289581 shares ) were entered into in connection with the loans of approximately $ 1042 made to the company 2019s chief executive officer in 2001 .
these loans were made prior to the passage of the sarbanes-oxley act of 2002. .

As of December 31,
Year Ended December 31,
2004
2003
2005
$—
$177,973

convertible preferred stock 9 .
stockholders 2019 equity ( deficit ) common stock restricted common stock and common stock subscribed .

Question: Analyse this data from a financial earnings document. as of december 31 , 2004 , how many shares of common stock were outstanding?
Choices:
120000201
20000000
100000000
110177973
120000000.0
Correct choice index: 4