XYZ Company had 200,000 shares of common stock outstanding on December 31, 2008. On July 1, 2009, XYZ issued an additional 50,000 shares for cash. On January 1, 2009, XYZ issued 20,000 shares of convertible preferred stock. The preferred stock had a par value of $100 per share and paid a 5% dividend. Each share of preferred stock is convertible into 8 shares of common. During 2009, XYZ paid the regular annual dividend on the preferred and common stock. Net income for the year was $300,000. =
Calculate XYZ's basic and diluted earnings per share for 2009.

James is an employee in the widget inspection department of xyz systems, a government contractor. james was part of a 3-person inspection team that found a particular batch of widgets did not meet the exacting requirements of the u.s. government. in order to meet the tight deadline and avoid penalties under the contract, james' boss demanded that the batch of widgets be sent in fulfillment of the government contract. when james found out, he went to the vice president of the company and reported the situation. james was demoted by his boss, and no longer works on government projects. james has a: