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苏·Xu · 2024年12月07日

行权

  1. CFA I
  2. FRA

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。

行权32块卖了，34块买回来；35块卖了34块买回不是更好吗？

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1 个答案

王园圆_品职助教 · 2024年12月07日

同学你好，行权价是员工可以按照这个价去形式option的权力，去购买公司新发行的股份的价格，不是市场上流通的股票的价格

所以这里的32和35是两类不同的员工的行权价格，不是股票在市场上的价格。34是这个股票在一年中的平均价格（本质也不是一个真实的股票市场价格）——我们现在在做题，有一个简化的前提条件：就是员工是不是能够行权，是需要把员工的可行权价格和股票的全年平均价格来比较的。只有平均价格高于行权价，才被认为这个员工会进行行权，而如果平均价格低于行权价，就认为这个员工不会行权——所以按照这个原则，32的那一批期权才可能真的行权拥有股票，35的那一批期权是不可以行权也就不可以拥有股票的

至于32的这一批行权后的股票到底是什么时候卖的，卖价是多少，我们在CFA中是不讨论的，因为这就是员工自己的收益损失了，和我们要讨论的公司收益损失是没有关系的。




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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。 如题。

2024-10-23 11:48 1 · 回答

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