NO.PZ2017102901000020
问题如下：
For its fiscal year-end, Sublyme Corporation reported net income of $200 million and a weighted average of 50,000,000 common shares outstanding. There are 2,000,000 convertible preferred shares outstanding that paid an annual dividend of $5. Each preferred share is convertible into two shares of the common stock. The diluted EPS is closest to:
选项： A. $3.52.
B.
$3.65.
C.
$3.70.
解释：
C is correct.
Diluted EPS = (Net income)/(Weighted average number of shares outstanding + New common shares that would have been issued at conversion)
= $200,000,000/[50,000,000 + (2,000,000 × 2)]= $3.70
The diluted EPS assumes that the preferred dividend is not paid and that the shares are converted at the beginning of the period.
这道题只涉及到可转换优先股，所以分子应该是NI减去给优先股的分红，然后加回转换了的优先股的分红。这道题给的条件只有可转换优先股是2000000份，没有给普通的优先股的条件，我们默认没有，也就是所有的优先股都是可转换优先股，这样的话分子减去给优先股的分红，然后再加回，结果是相抵消了，最后分子只剩下NI=200,000,000。
分母应该等于一开始的加权平均普通股，再加上可转换优先股转换成的普通股份数，由于每份优先股可以转换为两份普通股，所以分母就变成了50,000,000+2,000,000×2。
diluted EPS=200,000,000/（50,000,000+2,000,000×2）=3.7
basic EPS=（200,000,000-2,000,000×5）/50,000,000=3.8，所以是有稀释作用，diluted EPS=3.7
题目中说的是is convertible into 不是converted 或者convert，我理解是可以转，但是没转，没转怎么能有稀释作用呢？
