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zhouanne · 2022年10月14日

这道题没太明白

  1. CFA I
  2. FRA

NO.PZ2019120301000038

问题如下：

Question

The following information is available on a company for the current year.


The company’s diluted EPS is closest to:

选项：

A.$7.72.

B.$7.57.

C.$7.69.

解释：

Solution

A is correct. Because both the preferred shares and the bonds are dilutive, they should both be converted to calculate the diluted EPS. Diluted EPS is the lowest possible value.


B is incorrect. Preferred dividends were included after preferred conversion (see table).

C is incorrect. After-tax interest on bonds was not added back after bond conversion: after-tax interest is (1 – 0.40) × 8% × $80,000 = 3,840 (see table).

没太明白的地方是关于可转债和可转优先股在股利上是用转之前的share乘百分比还是转换之后的，这道题可以帮忙写一下详细公式吗

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1 个答案

王园圆_品职助教 · 2022年10月14日

嗨，爱思考的PZer你好：


同学你好，无论优先股还是可转债，分子都是用的转换之前的数据进行计算的,而分母是需要考虑转换之后的所有普通股股份数的

具体公式，针对可转债计算是否需要转换时的计算：分子=NI - preferred stock dividend + interest of convertible bond*(1-t) = 1,000,000 -2,000*10 + 80,000*8%*(1- 40%) = 983,840

分母 = weighted average common stock shares + common shares converted from convertible bond = 100,000+80,000/100*25 = 120,000


同理，针对优先股是否需要转换的计算：分子 = NI - preferred stock dividend + preferred stock dividend = 1,000,000

分母 = weighted average common stock shares + common shares converted from preferred stock = 100,000 +2,000*5 = 110,000

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NO.PZ2019120301000038 问题如下 QuestionThe following information is available on a company for the current year.The company’s luteEPS is closest to: A.$7.72. B.$7.57. C.$7.69. SolutionA is correct. Because both the preferreshares anthe bon are lutive, they shoulboth converteto calculate the luteEPS. luteEPS is the lowest possible value.B is incorrect. Preferrevin were incluafter preferreconversion (see table).C is incorrect. After-tinterest on bon wnot aebaafter bonconversion: after-tinterest is (1 – 0.40) × 8% × $80,000 = 3,840 (see table). 分母没有异议，是130000，但是分子NI-Vpreffere（1-t）*int 是983840，为何答案的分子不减去v呢？

2023-10-28 15:30 1 · 回答