"Statewide average weekly wage" means the amount computed by the Commission as of July first of each year which shall be the aggregate amount of wages (irrespective of the limitation on the amount of wages subject to contributions by reason of Section 41-27-380(2)) reported by employers as paid during the first four of the last six completed calendar quarters prior to such date, divided by a figure representing fifty-two times the twelve-month average of the number of employees in the pay period containing the twelfth day of each month during the same four calendar quarters as reported by such employers.