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- · 2024年10月16日

老师，是不是只要after-tax的可转债分红比转股后的shares数小基本就可以认定有稀释作用

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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，是不是只要(Div.convertible_bond)(1-t) < Shares.convertible_bond那就可以直接认定可转债有股权稀释作用？

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王园圆_品职助教 · 2024年10月16日

同学你好，一个证券是否有稀释作用不是这么判断的

首先，你需要计算basic EPS 的大小r

然后，如果 这个证券的税后利息或是分红 除以 这个证券转换后新发的股份数 得到的计算结果小于basic EPS的大小，那说明这个证券确实有稀释作用，反之则说明这个证券是anti -dilutive的

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