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Amy-Lily · 2024年10月23日

老师好，24000-(24000*32)/34，不太明白为什么要用24000减去后面的？

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NO.PZ2016012102000184

问题如下：

Fruit Capital company issued 55,000 shares to employees as stock options on January 1st, 20X5. 24,000 shares of these options have an exercise price of $32, and the rest of these options have an exercise price of $35. At the end of 20X5, Fruit Capital company's stock price was $42. All of outstanding common shares was 1,800,000.The average stock price over 20X5 was $34.What is the denominator of the diluted earning per share?

选项：

A.

1801412.

B.

1824000.

C.

1754.

解释：

A is correct.

Based on the average stock price, only the options at $32 are in the money (and therefore dilutive).

Using the treasury stock method, the denominator of the diluted EPS=1800000+ [24000-(24000*32)/34]=1801412.

考点：稀释EPS

是否行权要看average price,而不是ending price,公司这一年的平均股价是34，因此行权价格35的31000份期权是不行权的，只有 32 美元的期权是行权的（因此是稀释的）。

根据treasury stock method ，

diluted EPS的分母 = 1800000+[24000-(24000*32)/34]=1801412股。

如题。

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1 个答案

王园圆_品职助教 · 2024年10月23日

同学你好，因为我们计算option对EPS的稀释作用的时候，是需要把真正可能会行权的option，在员工行权以后收到员工购买股票的proceeds以后把这部分proceeds去回购公司在外发行的股票的——因为我们认为公司是不会就让公司在外发行的股票无限变多的，所以在可以的范围内，公司也会尽量回购股票以减少这种稀释作用


“24,000 shares of these options have an exercise price of $32” “The average stock price over 20X5 was $34.”——题目现在说了，2.4万的option的行权价格是32，而股票的平均价格是34，32小于34，说明员工行权的话是划算的，是可以获得好处的，那这2.4万的option我们就要假设行权，从而计算一下如果行权了公司会回购多少股票

所以就是用2.4万*32这么多收到的现金去市场上回购股票，就能回购（24000*32)/34这么多的股票，从而公司真正发行的股票就没有2.4万那么多了，会减少一些

相关的讲义知识点截图如下，同学可以参考一下



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NO.PZ2016012102000184问题如下 Fruit Capitcompany issue55,000 shares to employees stooptions on January 1st, 20X5. 24,000 shares of these options have exercise priof $32, anthe rest of these options have exercise priof $35. the enof 20X5, Fruit Capitcompany's stopriw$42. All of outstanng common shares w1,800,000.The average stopriover 20X5 w$34.Whis the nominator of the luteearning per share?A.1801412.B.1824000.C.1754. A is correct.Baseon the average stoprice, only the options $32 are in the money (antherefore lutive). Using the treasury stometho the nominator of the luteEPS=1800000+ [24000-(24000*32)/34]=1801412.考点稀释EPS 是否行权要看average price,而不是enng price,公司这一年的平均股价是34，因此行权价格35的31000份期权是不行权的，只有 32 美元的期权是行权的（因此是稀释的）。根据treasury stometho，luteEPS的分母 = 1800000+[24000-(24000*32)/34]=1801412股。 乘以32/34是啥意思？分母不是算股数吗？为什么要乘除价格？

2024-04-16 22:06 1 · 回答

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