When sending data at 300 baud, the data line is clocked at the speed of 300 bits per second. So every 3.33ms the data line is updated/read (based on sending/receiving) for a data bit (1 or 0). If your sending binary 11111111 (or 00000000 if the protocol is inverted) the data line will just stay hi for those 8/300 of a second. The extra bits come from Start, Stop, and Parity bits. If the protocol you used included all 3, each byte took 11 bits to send. So even though you where running at 300 bits per second, 81 of those bits where part of the protocol and you only sent 219 data bits. BUT, you where still running at 300baud, which is 300bits per second.