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小熊猫 · 2023年01月06日

答案讲解和视频讲解有矛盾

NO.PZ2016012102000037

问题如下:

At the beginning of the year, PZ company had 200,000 shares of common stock outstanding. On May 31, Share issued 50,000 shares of common stock. And Share issued a 15% stock dividend on June1. On October 1, the company issued 1,000, 10% bonds, each can be converted into 10 shares of common stock. In computing basic and diluted EPS, what is the weighted average number of shares to be used assuming the convertible bonds are dilutive?

选项:

Average shares, basic
Average shares, dilutive
A.
263,542
266,042
B.
263,542
230,200
C.
178,900
236.042

解释:

Basic shares = {[200,000 x (12 / 12)] + [50,000 x (7 / 12)]} x 1.15 = 263,542

Diluted shares = 263,542 + [10,000 x (3 / 12)] =266,042

考点:股数计算

Basic shares = {[200,000 x (12 / 12)] + [50,000 x (7 / 12)]} x 1.15 = 263,542

* 5月底发行的50,000股,需要按时间加权。

** 乘以 1.15,是因为发了15%的股票股利

Diluted shares = 263,542 + [10,000 x (3 / 12)] =266,042

带视频讲解Diluted EPS这个章节27:50秒处,何老师讲解Ex 1的时候特意强调“出于谨慎性原则,bond转普通股的时候,不用做时间加权平均,默认是年初就进行了转换”。

那这道题在计算diluted eps的时候为什么还是做了时间加权平均?

2 个答案

lynn_品职助教 · 2023年01月26日

嗨,爱思考的PZer你好:


默认期初就发行是if-converted method中规定的。


如果可转换债是年初就存在,那么假设满足转换条件的可转债都是在年初就转换了,


但有一些题目可转债是在一年之中比如10月1号才发行的,所以我们仍假设发行日就转换(期初)于是10月1号就转换了,当年只存在了3个月,所以要加权时间。

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加油吧,让我们一起遇见更好的自己!

Kiko_品职助教 · 2023年01月08日

嗨,爱思考的PZer你好:


你好同学,这道题确实是有问题的。我查了一下原版书,何老师讲解的跟原版书一致 没有问题。我们会马上做出更正。给你做题造成困扰实在抱歉!

协会出的题包括近几年的考试题,如果是计算diluted EPS一般都不会给出具体发行日期,都是默认年初就发行。这题既然说了发行日期,我们就按照何老师强调的原则,视同年初就进行了转换。

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努力的时光都是限量版,加油!

小熊猫 · 2023年01月25日

我在做原版书课后题的时候 习题课 FSA module 1的3.2 答案给的公式里还是有做时间加权的 我不是很懂了啊 这是说原版书前后自相矛盾了吗?

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