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kevinzhu · 2020年01月15日

问一道题:NO.PZ2017102901000019

问题如下:

Laurelli Builders (LB) reported the following financial data for year-end 31 December:

Common shares outstanding, 1 January 2,020,000

Common shares issued as stock dividend, 1 June 380,000

Warrants outstanding, 1 January 500,000

Net income $3,350,000

Preferred stock dividends paid $430,000

Common stock dividends paid $240,000

Which statement about the calculation of LB’s EPS is most accurate?

选项:

A.

LB’s basic EPS is $1.12.

B.

LB’s diluted EPS is equal to or less than its basic EPS.

C.

The weighted average number of shares outstanding is 2,210,000

解释:

B is correct.

LB has warrants in its capital structure; if the exercise price is less than the weighted average market price during the year, the effect of their conversion is to increase the weighted average number of common shares outstanding, causing diluted EPS to be lower than basic EPS. If the exercise price is equal to the weighted average market price, the number of shares issued equals the number of shares repurchased.

Therefore, the weighted average number of common shares outstanding is not affected and diluted EPS equals basic EPS. If the exercise price is greater than the weighted average market price, the effect of their conversion is anti-dilutive. As such, they are not included in the calculation of basic EPS. LB’s basic EPS is $1.22 [= ($3,350,000 –$430,000)/2,400,000]. Stock dividends are treated as having been issued retroactively to the beginning of the period.

 basic EPS 不是应该= ($3,350,000 –$430,000)/(2020000+380000*6/12)吗?

Common shares issued as stock dividend, 1 June 380000 得出380000*6/12

1 个答案

Olive_品职助教 · 2020年01月16日

嗨,爱思考的PZer你好:


老师在课上讲过,stock split和stock dividend是不进行时间加权的,而是直接调整stock split/dividend之前发行在外的股票数量。所以分母是 2,020,000 + 380,000 = 2,400,000 。

 


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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!


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NO.PZ2017102901000019 问题如下 Laurelli Builrs (Lreportethe following financita for year-en31 cember:Common shares outstanng, 1 January 2,020,000Common shares issuestovin 1 June 380,000Warrants outstanng, 1 January 500,000Net income $3,350,000Preferrestovin pai$430,000Common stovin pai$240,000Whistatement about the calculation of LB’s EPS is most accurate? A.LB’s basic EPS is $1.12. B.LB’s luteEPS is equto or less thits basic EPS. C.The weighteaverage number of shares outstanng is 2,210,000 B is correct.LB hwarrants in its capitstructure; if the exercise priis less ththe weighteaverage market priring the year, the effeof their conversion is to increase the weighteaverage number of common shares outstanng, causing luteEPS to lower thbasic EPS. If the exercise priis equto the weighteaverage market price, the number of shares issueequals the number of shares repurchaseTherefore, the weighteaverage number of common shares outstanng is not affecteanluteEPS equals basic EPS. If the exercise priis greater ththe weighteaverage market price, the effeof their conversion is anti-lutive. such, they are not incluin the calculation of basic EPS. LB’s basic EPS is $1.22 [= ($3,350,000 –$430,000)/2,400,000]. Stovin are treatehaving been issueretroactively to the beginning of the perio考点basic EPS luteEPS解析stovinstosplit不进行时间加权,因此发行在外普通股加权数=2,020,000×(12/12)+380,000×(12/12)=2,400,000,C不正确。basic EPS= ($3,350,000 –$430,000)/2,400,000=1.22,A不正确。本题条件不足,luteEPS无法计算具体数值,如果要计算的话,需要知道warrant的exercise price和average market price,然后用treasury stometho处理。这道题不用计算luteEPS,而是分别考虑exercise price>、=、<、average market price三种情况,最后可以得到定性结论就是luteEPS肯定是小于等于basic EPS的。1、如果exercise pri= average market price,则由于warrant行权导致新发行的普通股数量=根据market price回购的股票数量,对EPS无影响。luteEPS=basic EPS。2、如果exercise price<average market price,则由于warrant行权导致新发行的普通股数量>根据market price回购的股票数量,发行在外普通股加权平均数增加,luteEPS<basic EPS3、如果exercise price>average market price,如果warrant被执行了,则由于warrant行权导致新发行的普通股数量<根据market price回购的股票数量,发行在外普通股加权平均数减少,最终通过treasury stometho算的luteEPS反而要高于basic EPS,这种情况就是anti-lutive,这种情况下,计算出的luteEPS就无效,最终luteEPS还是等于basic EPS。经过上面分情况讨论可以得出结论luteEPS肯定是小于等于basic EPS的。 为什么380,000不是乘以7/12,而是乘以12/12,不是只从1 June开始记的吗?这里有点没理解

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2023-01-14 17:57 1 · 回答

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2022-10-08 00:58 1 · 回答