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404 not found · 2024年01月23日

计算15%股票股利的基础

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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
273,542

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 =273,542

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 =273,542

在算diluted EPS的时候，如果有convertible bond的话，convertible bond转成的股票是不考虑时间加权的，就视同最初发行的一样。是直接加上convertible bond转股后的股份数。

我认为题目算法是错误的：股票股利应该是对上一年经营成果的分配，即对上一年全部股东的200000股派发股票股利—退一步讲，那50000股实在派发股票股利前一天刚刚新发的，一半作为派发股票股利的计算基础是说不通的

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1 个答案

王园圆_品职助教 · 2024年01月23日

同学你好， 这不是你认为的哦，这是讲义上摘抄自原版书的原文哦

请看以下讲义截图黄色部分

考试的时候就是按照讲义的计算方法才能得分哦

另外，股票股利的派发也不是以年初的股票数为基础来派发的哦，现实生活中，确实是在ex-dividend date前一天登记到的所有股票（也就是年中某天的所有已发行股票）都可以获得股利，公司是不会仅对去年年末的股票数派发股利的——后面Equity应该会讲到Ex-dividend date的概念，同学可以结合起来一起理解哦

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