Gold Coast Supplies had 80,000 shares of common stock outstanding at January 1. On May 1, Gold Coasts Supplies issued 21,500 shares of common stock. Outstanding all year were 30,000 shares of nonconvertible preferred stock on which a dividend of $3 per share was paid in December. Net income for the year was $300,000. Gold Coast Supplies should report basic earnings per share for the year of