XYZ Company had 200,000 shares of common stock outstanding on December 31, 2020. On July 1, 2021, XYZ issued an additional 44,000 shares for cash. On January 1, 2021, XYZ issued 16,000 shares of convertible preferred stock. The preferred stock had a par value of $100 per share and paid a 6% dividend. Each share of preferred stock is convertible into 8 shares of common. During 2021, XYZ paid the regular annual dividend on the preferred and common stock. Net income for the year was $270,000. Required: Calculate XYZ's basic and diluted earnings per share for 2021. (Round your answers to 2 decimal places.)

The XYZ Company's basic earnings per share are $0.71, while the diluted earnings per share are $0.72.

Data and Calculations:

Outstanding Common stock shares on Dec. 31, 2020 = 200,000 shares

July 1, 2021, Issuance of 44,000 shares

Total outstanding common stock

January 1, 2021, Issuance of 16,000 convertible preferred stock

Par value of preferred stock = $100 per share

The Dividend rate of preferred stock = 6%

Convertibility of preferred stock = 8 common shares

Net income = $270,000

Preferred dividend = $96,000 ($1,600,000 x 6%)

Earnings for common stockholders = $174,000 ($270,000 - $96,000)

Basic earnings per share = (Net income - Preferred Dividend)/244,000

= ($174,000)/244,000

= $0.71

Convertible Preferred into Common stock = 128,000 (16,000 x 8) shares

Total shares = 372,000 (244,000 + 128,000)

Diluted earnings per share = $270,000/372,000

= $0.73

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The CEO of Tough Mudder believes that teams in his company are not working as effectively as they could, and he is asking you for advice. Provide the best answer to his question.

“Our teams in different countries have learned a great deal, so I am putting together an international team to study and share the best practices that have been developed. This team will have people from each continent where we operate. How should I plan to manage this team?”

a. To promote a sense of privacy, do not monitor online team communications. Keep information that may change frequently to yourself, as sharing it would be confusing.
b. Speak about everyone on the team as though they are the same to help team members feel they are being treated equally. Do not single people out for special recognition.
c. Encourage team members to socialize online by sharing photos and videos. Reach out to people from cultures where proactively sharing ideas is not valued.
d. Understand that some people use online technology more than others and cannot be expected to participate as much. Accept that Internet culture often involves “trolling,” or disrespectful disagreement, and do not interfere if this happens.