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Helen 🎈 · 2023年01月15日

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NO.PZ2016012102000039

问题如下：

Given the following information, calculate the company's diluted EPS:

company has net income of $200,000 and 150,000 common shares outstanding from the beginning of the year. Company also has 1,000, 8%, $1,000 par bonds convertible into 24 shares each,

outstanding as of the beginning of the year. The tax rate is 35%.

选项：

A.

$1.1.

B.

$1.3

C.

$2.17.

解释：

Basic EPS = $200,000150,000=$1.3\frac{\$200,000}{150,000}=\$1.3

Check if the convertible bonds are dilutive:

Impact of numerator= (1,000 x 1,000 x 0.08) x (1 - 0.35) = $52,000

Impact of denominator = (1,000 x 24) = 24,000 shares

Impact per share =

$52,00024,000shares=$2.17\frac{\$52,000}{24,000shares}=\$2.17

$2.17 > basic EPS of $1.3, so the bonds are antidilutive. Then the diluted EPS = basic EPS = $1.3.

考点：股票稀释

假设把所有的债权转为股权

Net income = 200,000+1,000×1,000×8%×(1-35%) =252,000

share = 150,000+1,000×24 =174,000

EPS = [200,000+1,000×1,000×8%×(1-35%)]/(150,000+1,000×24)=1.45

大于basic EPS，因此没有稀释作用，diluted EPS=basic EPS=1.3

老师，可以翻译一下这一段吗:Company also has 1,000, 8%, $1,000 par bonds convertible into 24 shares each,

outstanding as of the beginning of the year. The tax rate is 35%.

我不能理解为为啥*$1000这里

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1 个答案

王园圆_品职助教 · 2023年01月15日

嗨，爱思考的PZer你好：


同学你好，这里的意思是，公司在本年的年初，还有1000份可转换债券发行在外，这些可转换债券的面值是1000美金每份，coupon rate是8%，每一份可转债可以被转换成24份股票

根据以下讲义diluted EPS的公式截图（黄色部分），要计算可转债转换下的diluted EPS，分子上需要将要支付的可转债现金利息加回，才能得到新的转换后的NI

题目这里告诉我们每份面值是1000，利率是8%，那我们就能计算出每份可转债每年需要支付多少利息费用=1000*8%，由于有1000份可转债，所以需要再*1000，并且考虑税后影响，最后计算利息的公式就变成了 (1,000 x 1,000 x 0.08) x (1 - 0.35) = $52,000

----------------------------------------------
加油吧，让我们一起遇见更好的自己！

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