I'm not sure if this is the most efficient option - but it is fairly simple and works for me. The ko.computed returns an observable array as below:
self.computedArrayValue = ko.computed(function() {
    var all = ko.observableArray([]);
    ....
    return all(); 
});
A working example of the code:
Html:
<div data-bind="foreach: days">
    <button class="btn btn-default btn-lg day" data-bind="text: $data, click: $root.dayPressed"></button>        
</div> 
Javascript function on the view model:
self.days = ko.computed(function() {
    var all = ko.observableArray([]);
    var month = self.selectedMonth();   //observable
    var year = self.selectedYear();     //observable
    for (var i = 1; i < 29; i++) {
        all.push(i);
    }
    if (month == "Feb" && year % 4 == 0) {
        all.push(29);
    } else if (["Jan","Mar","May","Jul","Aug","Oct","Dec"].find((p) => p == month)) {
        [29,30,31].forEach((i) => all.push(i));
    } else if (month != "Feb") {
        [29,30].forEach((i) => all.push(i));                
    }
    return all(); 
});