问一道题：NO.PZ2017102901000019 [ CFA I ]

NO.PZ2017102901000019 问题如下 Laurelli Builrs (Lreportethe following financita for year-en31 cember:Common shares outstanng, 1 January 2,020,000Common shares issuestovin 1 June 380,000Warrants outstanng, 1 January 500,000Net income $3,350,000Preferrestovin pai$430,000Common stovin pai$240,000Whistatement about the calculation of LB’s EPS is most accurate? A.LB’s basic EPS is $1.12. B.LB’s luteEPS is equto or less thits basic EPS. C.The weighteaverage number of shares outstanng is 2,210,000 B is correct.LB hwarrants in its capitstructure; if the exercise priis less ththe weighteaverage market priring the year, the effeof their conversion is to increase the weighteaverage number of common shares outstanng, causing luteEPS to lower thbasic EPS. If the exercise priis equto the weighteaverage market price, the number of shares issueequals the number of shares repurchaseTherefore, the weighteaverage number of common shares outstanng is not affecteanluteEPS equals basic EPS. If the exercise priis greater ththe weighteaverage market price, the effeof their conversion is anti-lutive. such, they are not incluin the calculation of basic EPS. LB’s basic EPS is $1.22 [= ($3,350,000 –$430,000)/2,400,000]. Stovin are treatehaving been issueretroactively to the beginning of the perio考点basic EPS luteEPS解析stovinstosplit不进行时间加权，因此发行在外普通股加权数=2,020,000×(12/12)+380,000×(12/12)=2,400,000，C不正确。basic EPS= ($3,350,000 –$430,000)/2,400,000=1.22，A不正确。本题条件不足，luteEPS无法计算具体数值，如果要计算的话，需要知道warrant的exercise price和average market price，然后用treasury stometho处理。这道题不用计算luteEPS，而是分别考虑exercise price＞、=、＜、average market price三种情况，最后可以得到定性结论就是luteEPS肯定是小于等于basic EPS的。1、如果exercise pri= average market price，则由于warrant行权导致新发行的普通股数量=根据market price回购的股票数量，对EPS无影响。luteEPS=basic EPS。2、如果exercise price＜average market price，则由于warrant行权导致新发行的普通股数量＞根据market price回购的股票数量，发行在外普通股加权平均数增加，luteEPS＜basic EPS3、如果exercise price＞average market price，如果warrant被执行了，则由于warrant行权导致新发行的普通股数量＜根据market price回购的股票数量，发行在外普通股加权平均数减少，最终通过treasury stometho算的luteEPS反而要高于basic EPS，这种情况就是anti-lutive，这种情况下，计算出的luteEPS就无效，最终luteEPS还是等于basic EPS。经过上面分情况讨论可以得出结论luteEPS肯定是小于等于basic EPS的。 为什么380,000不是乘以7/12，而是乘以12/12，不是只从1 June开始记的吗？这里有点没理解

NO.PZ2017102901000019问题如下 Laurelli Builrs (Lreportethe following financita for year-en31 cember:Common shares outstanng, 1 January 2,020,000Common shares issuestovin 1 June 380,000Warrants outstanng, 1 January 500,000Net income $3,350,000Preferrestovin pai$430,000Common stovin pai$240,000Whistatement about the calculation of LB’s EPS is most accurate?A.LB’s basic EPS is $1.12.B.LB’s luteEPS is equto or less thits basic EPS.C.The weighteaverage number of shares outstanng is 2,210,000 B is correct.LB hwarrants in its capitstructure; if the exercise priis less ththe weighteaverage market priring the year, the effeof their conversion is to increase the weighteaverage number of common shares outstanng, causing luteEPS to lower thbasic EPS. If the exercise priis equto the weighteaverage market price, the number of shares issueequals the number of shares repurchaseTherefore, the weighteaverage number of common shares outstanng is not affecteanluteEPS equals basic EPS. If the exercise priis greater ththe weighteaverage market price, the effeof their conversion is anti-lutive. such, they are not incluin the calculation of basic EPS. LB’s basic EPS is $1.22 [= ($3,350,000 –$430,000)/2,400,000]. Stovin are treatehaving been issueretroactively to the beginning of the perio考点basic EPS luteEPS解析stovinstosplit不进行时间加权，因此发行在外普通股加权数=2,020,000×(12/12)+380,000×(12/12)=2,400,000，C不正确。basic EPS= ($3,350,000 –$430,000)/2,400,000=1.22，A不正确。本题条件不足，luteEPS无法计算具体数值，如果要计算的话，需要知道warrant的exercise price和average market price，然后用treasury stometho处理。这道题不用计算luteEPS，而是分别考虑exercise price＞、=、＜、average market price三种情况，最后可以得到定性结论就是luteEPS肯定是小于等于basic EPS的。1、如果exercise pri= average market price，则由于warrant行权导致新发行的普通股数量=根据market price回购的股票数量，对EPS无影响。luteEPS=basic EPS。2、如果exercise price＜average market price，则由于warrant行权导致新发行的普通股数量＞根据market price回购的股票数量，发行在外普通股加权平均数增加，luteEPS＜basic EPS3、如果exercise price＞average market price，如果warrant被执行了，则由于warrant行权导致新发行的普通股数量＜根据market price回购的股票数量，发行在外普通股加权平均数减少，最终通过treasury stometho算的luteEPS反而要高于basic EPS，这种情况就是anti-lutive，这种情况下，计算出的luteEPS就无效，最终luteEPS还是等于basic EPS。经过上面分情况讨论可以得出结论luteEPS肯定是小于等于basic EPS的。 为什么在计算分母的时候380000不用乘1/2，我看题目并不是从1月1号开始的，问题二，为啥分母计算不用加500000

NO.PZ2017102901000019 问题如下 Laurelli Builrs (Lreportethe following financita for year-en31 cember:Common shares outstanng, 1 January 2,020,000Common shares issuestovin 1 June 380,000Warrants outstanng, 1 January 500,000Net income $3,350,000Preferrestovin pai$430,000Common stovin pai$240,000Whistatement about the calculation of LB’s EPS is most accurate? A.LB’s basic EPS is $1.12. B.LB’s luteEPS is equto or less thits basic EPS. C.The weighteaverage number of shares outstanng is 2,210,000 B is correct.LB hwarrants in its capitstructure; if the exercise priis less ththe weighteaverage market priring the year, the effeof their conversion is to increase the weighteaverage number of common shares outstanng, causing luteEPS to lower thbasic EPS. If the exercise priis equto the weighteaverage market price, the number of shares issueequals the number of shares repurchaseTherefore, the weighteaverage number of common shares outstanng is not affecteanluteEPS equals basic EPS. If the exercise priis greater ththe weighteaverage market price, the effeof their conversion is anti-lutive. such, they are not incluin the calculation of basic EPS. LB’s basic EPS is $1.22 [= ($3,350,000 –$430,000)/2,400,000]. Stovin are treatehaving been issueretroactively to the beginning of the perio考点basic EPS luteEPS解析stovinstosplit不进行时间加权，因此发行在外普通股加权数=2,020,000×(12/12)+380,000×(12/12)=2,400,000，C不正确。basic EPS= ($3,350,000 –$430,000)/2,400,000=1.22，A不正确。本题条件不足，luteEPS无法计算具体数值，如果要计算的话，需要知道warrant的exercise price和average market price，然后用treasury stometho处理。这道题不用计算luteEPS，而是分别考虑exercise price＞、=、＜、average market price三种情况，最后可以得到定性结论就是luteEPS肯定是小于等于basic EPS的。1、如果exercise pri= average market price，则由于warrant行权导致新发行的普通股数量=根据market price回购的股票数量，对EPS无影响。luteEPS=basic EPS。2、如果exercise price＜average market price，则由于warrant行权导致新发行的普通股数量＞根据market price回购的股票数量，发行在外普通股加权平均数增加，luteEPS＜basic EPS3、如果exercise price＞average market price，如果warrant被执行了，则由于warrant行权导致新发行的普通股数量＜根据market price回购的股票数量，发行在外普通股加权平均数减少，最终通过treasury stometho算的luteEPS反而要高于basic EPS，这种情况就是anti-lutive，这种情况下，计算出的luteEPS就无效，最终luteEPS还是等于basic EPS。经过上面分情况讨论可以得出结论luteEPS肯定是小于等于basic EPS的。 老师讲基础班的时候，还举过一个例子，5.31 stosplit 2 for 1，这个拆股，每个股票都乘以1.2再乘以时间

NO.PZ2017102901000019问题如下Laurelli Builrs (Lreportethe following financita for year-en31 cember:Common shares outstanng, 1 January 2,020,000Common shares issuestovin 1 June 380,000Warrants outstanng, 1 January 500,000Net income $3,350,000Preferrestovin pai$430,000Common stovin pai$240,000Whistatement about the calculation of LB’s EPS is most accurate?A.LB’s basic EPS is $1.12.B.LB’s luteEPS is equto or less thits basic EPS.C.The weighteaverage number of shares outstanng is 2,210,000 B is correct.LB hwarrants in its capitstructure; if the exercise priis less ththe weighteaverage market priring the year, the effeof their conversion is to increase the weighteaverage number of common shares outstanng, causing luteEPS to lower thbasic EPS. If the exercise priis equto the weighteaverage market price, the number of shares issueequals the number of shares repurchaseTherefore, the weighteaverage number of common shares outstanng is not affecteanluteEPS equals basic EPS. If the exercise priis greater ththe weighteaverage market price, the effeof their conversion is anti-lutive. such, they are not incluin the calculation of basic EPS. LB’s basic EPS is $1.22 [= ($3,350,000 –$430,000)/2,400,000]. Stovin are treatehaving been issueretroactively to the beginning of the perio考点basic EPS luteEPS解析stovinstosplit不进行时间加权，因此发行在外普通股加权数=2,020,000×(12/12)+380,000×(12/12)=2,400,000，C不正确。basic EPS= ($3,350,000 –$430,000)/2,400,000=1.22，A不正确。本题条件不足，luteEPS无法计算具体数值，如果要计算的话，需要知道warrant的exercise price和average market price，然后用treasury stometho处理。这道题不用计算luteEPS，而是分别考虑exercise price＞、=、＜、average market price三种情况，最后可以得到定性结论就是luteEPS肯定是小于等于basic EPS的。1、如果exercise pri= average market price，则由于warrant行权导致新发行的普通股数量=根据market price回购的股票数量，对EPS无影响。luteEPS=basic EPS。2、如果exercise price＜average market price，则由于warrant行权导致新发行的普通股数量＞根据market price回购的股票数量，发行在外普通股加权平均数增加，luteEPS＜basic EPS3、如果exercise price＞average market price，如果warrant被执行了，则由于warrant行权导致新发行的普通股数量＜根据market price回购的股票数量，发行在外普通股加权平均数减少，最终通过treasury stometho算的luteEPS反而要高于basic EPS，这种情况就是anti-lutive，这种情况下，计算出的luteEPS就无效，最终luteEPS还是等于basic EPS。经过上面分情况讨论可以得出结论luteEPS肯定是小于等于basic EPS的。 为什么分母没有考虑warrant outstanng？

NO.PZ2017102901000019 问题如下 Laurelli Builrs (Lreportethe following financita for year-en31 cember:Common shares outstanng, 1 January 2,020,000Common shares issuestovin 1 June 380,000Warrants outstanng, 1 January 500,000Net income $3,350,000Preferrestovin pai$430,000Common stovin pai$240,000Whistatement about the calculation of LB’s EPS is most accurate? A.LB’s basic EPS is $1.12. B.LB’s luteEPS is equto or less thits basic EPS. C.The weighteaverage number of shares outstanng is 2,210,000 B is correct.LB hwarrants in its capitstructure; if the exercise priis less ththe weighteaverage market priring the year, the effeof their conversion is to increase the weighteaverage number of common shares outstanng, causing luteEPS to lower thbasic EPS. If the exercise priis equto the weighteaverage market price, the number of shares issueequals the number of shares repurchaseTherefore, the weighteaverage number of common shares outstanng is not affecteanluteEPS equals basic EPS. If the exercise priis greater ththe weighteaverage market price, the effeof their conversion is anti-lutive. such, they are not incluin the calculation of basic EPS. LB’s basic EPS is $1.22 [= ($3,350,000 –$430,000)/2,400,000]. Stovin are treatehaving been issueretroactively to the beginning of the perio考点basic EPS luteEPS解析stovinstosplit不进行时间加权，因此发行在外普通股加权数=2,020,000×(12/12)+380,000×(12/12)=2,400,000，C不正确。basic EPS= ($3,350,000 –$430,000)/2,400,000=1.22，A不正确。本题条件不足，luteEPS无法计算具体数值，如果要计算的话，需要知道warrant的exercise price和average market price，然后用treasury stometho处理。这道题不用计算luteEPS，而是分别考虑exercise price＞、=、＜、average market price三种情况，最后可以得到定性结论就是luteEPS肯定是小于等于basic EPS的。1、如果exercise pri= average market price，则由于warrant行权导致新发行的普通股数量=根据market price回购的股票数量，对EPS无影响。luteEPS=basic EPS。2、如果exercise price＜average market price，则由于warrant行权导致新发行的普通股数量＞根据market price回购的股票数量，发行在外普通股加权平均数增加，luteEPS＜basic EPS3、如果exercise price＞average market price，如果warrant被执行了，则由于warrant行权导致新发行的普通股数量＜根据market price回购的股票数量，发行在外普通股加权平均数减少，最终通过treasury stometho算的luteEPS反而要高于basic EPS，这种情况就是anti-lutive，这种情况下，计算出的luteEPS就无效，最终luteEPS还是等于basic EPS。经过上面分情况讨论可以得出结论luteEPS肯定是小于等于basic EPS的。 stovin6月1号发行的，为什么不时间加权？