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卓娅 · 2022年08月30日

老师，能麻烦写一下计算方式么，谢谢

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NO.PZ2019120301000040

问题如下：

Question

The following financial information is available at the end of the year.


The diluted EPS (earnings per share) is closest to:

选项：

A.$3.08. B.$2.93. C.$2.91.

解释：

Solution

C is correct. The convertible preferred shares are anti-dilutive, as shown in the following table. Therefore, the diluted EPS is the same as the basic EPS, $2.91.


* Exceeds Basic EPS; Series B is anti-dilutive and is thus not included.

A is incorrect. It ignores the Series A dividends and incorrectly includes the anti-dilutive effect of converting the Series B shares.

From the table:

Earnings to Common = 1,000,000 (ignores Series A, converts)

Common shares outstanding = 325,000, as per table with conversion of convertible

EPS = $1,000,000/325,000 shares = $3.08/share

B is incorrect. It includes the conversion of the convertible securities, which are anti-dilutive.

老师，能麻烦写一下计算方式么，谢谢

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1 个答案

王园圆_品职助教 · 2022年08月31日

嗨，爱思考的PZer你好：


首先，同学要明确一点，我们计算diluted EPS 的时候，一定要和basic EPS 作比较，取两者中较低的才能作为真正的diluted EPS——因为diluted EPS是为了让投资者理解最低可能每股能够分到的earnings。所以一定要取最低的

然后再来计算，首先是basic EPS,分子是实际的普通股股东获得的earnings = 1000000-12000*4（优先股A） - 30000*7.5（优先股B） = 727000

分母shares = 250000（普通股股数）

basic EPS = 727000/250000 = 2.91

其次是diluted EPS 分子是转换后普通股可获得的earnings = 1000000 - 12000*4（优先股A） = 952000

分母转换后的shares = 250000+ 2.5*30000（优先股B转换后的普通股数） = 325000

假设的diluted EPS = 952000/325000 = 2.93

由于2.93>2.91,取两者中较小的，所以最后的diluted EPS = 2.91

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努力的时光都是限量版，加油！

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