Information on Massaff Corporation's stock accounts follows:

December 31_______ 20X7 20X8

Outstanding

shares of:

Common stock 300,000 330,000

Nonconvertible

preferred stock 10,000 10,000

The following additional information is available:

On July 1, 20X8, Massaff sold 30,000 additional shares of

common stock.

Net income for the year ended December 31, 20X8, was

$750,000.

During 20X8 Massaff paid dividends of $3.00 per share on its

nonconvertible preferred stock.

Compute Massaff's basic earnings per common share for the year

ended December 31, 20X8.