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娈安 · 2024年10月08日

这里的preferred也要除税嘛

  1. CFA I
  2. FRA

NO.PZ2024011002000023

问题如下：

Assume U.S. GAAP applies unless otherwise noted. An analyst gathered the following information about a company:

The bonds were issued at par and can be converted into 300,000 common shares. All securities were outstanding for the entire year. Diluted earnings per share for the company are closest to:

选项：

A.$1.05

B.$1.26

C.$1.36

解释：

Preferred stock dividends of $140,000 (0.07* 2,000,000) should be deducted from net income to derive amount available for common shareholders: $1,360,000 = (1,500,000 - 140,000).

Basic EPS = $1,360,000/1,000,000 or $1.36 per share.

Diluted EPS would consider the convertible bonds if they were dilutive. Interest on the bonds would be $400,000 and the after-tax add back to net income would be $400,000 (0.7) or $280,000. Diluted EPS would be $1,640,000/1,300,000 shares assuming conversion = $1.26 per share.

如题～～～～～公式里好像没写preferred要除税诶


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3 个答案

王园圆_品职助教 · 2024年10月08日

同学你好，你问的是以下讲义截图的公式吧？

这里的分母，是指：先假设可转换优先股或可转债或期权转换成股票后，他们中的任意一项在计算后确实对公司的EPS有稀释作用的前提下，那就把这个可转换优先股或可转债或期权转换成普通股后新增的股票数量加在这个分母的计算上；如果其中有任意一项计算后发现没有稀释作用，那这一项就不加在分母上

在本题，由于发现可转债确实有稀释作用，就需要把题目中的那300,000加在基础的1,000,000普通股上来作为计算diluted EPS的分母的；由于这里的优先股是累积优先股，并不是可转换成普通股的convertible perferred stock，所以计算diluted EPS，就不需要考虑这些累积优先股对分母的影响了

关于diluted EPS的计算，题目里需要注意的细节还是很多的，同学如果不记得了最好还是再听一下老师这部分的讲解，老师会讲的很详细的哦

王园圆_品职助教 · 2024年10月08日

同学你好，题目说可转换债券的coupon rate是4%，所以每年需要支付给投资者的税前利息费用就是10,000,000*4% = 400,000

因为债券的利息费用是可以税前扣除的，也就是有税盾的作用，所以实际如果把这些债券全部转成股票以后可以增加的税后利润就只有 400,000*（1-30%）=280,000

王园圆_品职助教 · 2024年10月08日

同学你好，优先股股利本来就是税后净利润NI再分配给优先股股东的啊，确实是不需要考虑税的影响呀

题目也没有对优先股的分红进行税费的考量呢，你是不是看错了？

你再看下，解析里“Preferred stock dividends of $140,000 (0.07* 2,000,000) should be deducted from net income to derive amount available for common shareholders: $1,360,000 = (1,500,000 - 140,000).

Basic EPS = $1,360,000/1,000,000 or $1.36 per share.”关于优先股股利的计算，是完全没有提及税费的哦

娈安 · 2024年10月08日

老是不好意思，我确实是看错了，我把400000看成1400000了，请问这里的interest是怎么算的呀

娈安 · 2024年10月08日

哦哦老师我明白了，400000是1000000乘上0.04得来的～还想问老师diluted EP S中分母的shares conversion of conv.pfd.shares是什么呢

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