2.4. XYZ Company had 225,000 shares of common stock outstanding throughout the current year. XYZ also had 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 the current year, XYZ paid the regular annual dividend on the preferred and common stock. Net income for the year was $300,000. Required: a. Calculate XYZ's basic EPS ( 4pts). b. Calculate XYZ's diluted EPS (4 pts)