During all of 2008, Van Horn Inc. had outstanding 200,000 shares of common stock and 12,000 shares of $6 preferred stock. Each share of the preferred stock is convertible into three shares of common stock. For 2008, Van Horn had a $190,000 loss from operations; no dividends were paid or declared. Compute the basic and diluted earnings (loss) per share for Van Horn, assuming that
(1) The preferred stock is noncumulative and
(2) The preferred stock is cumulative.