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琳 · 2022年09月07日

老师您好

  1. CFA I
  2. FRA

NO.PZ2019120301000035

问题如下：

Laurelli Builders (LB) reported the following financial data for year-end 31 December:


Which statement about the calculation of LB’s EPS is most accurate?

选项：

A.LB’s basic EPS is $1.12.

B.LB’s diluted EPS is equal to or less than its basic EPS.

C.The weighted average number of shares outstanding is 2,210,000.

解释：

Solution

B is correct. LB has warrants in its capital structure; if the exercise price is less than the weighted average market price during the year, the effect of their conversion is to increase the weighted average number of common shares outstanding, causing diluted EPS to be lower than basic EPS. If the exercise price is equal to the weighted average market price, the number of shares issued equals the number of shares repurchased. Therefore, the weighted average number of common shares outstanding is not affected and diluted EPS equals basic EPS. If the exercise price is greater than the weighted average market price, the effect of their conversion is anti-dilutive. As such, they are not included in the calculation of basic EPS. LB’s basic EPS is $1.22 [= ($3,350,000 – $430,000)/2,400,000]. Stock dividends are treated as having been issued retroactively to the beginning of the period.

请问warrant outstanding 如何理解，怎么应用？

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1 个答案

Kiko_品职助教 · 2022年09月08日

嗨，从没放弃的小努力你好：


这个就是认股权证，他跟股票期权一样，都赋予其持有者在报告期或以后期间享有取得普通股权利的一种金融工具，因此他会稀释每股收益。这时候计算diluted EPS的时候我们用库藏股的方法。



----------------------------------------------
虽然现在很辛苦，但努力过的感觉真的很好，加油！

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