问题如下图：
选项：
A. 
B. 
C. 
解释：
warrant不可能反稀释吗。这题是不是无法判断warrant带来的影响
Olive_品职助教 · 2020年01月19日
嗨，爱思考的PZer你好：
warrant是认股权证， 它赋予持有者在一定期限内以行权价购买发行公司一定股份的权利。 一旦投资者行权，企业需要发行新的股份来满足行权要求。计算行权后公司在外发行股票数量的变化，采用的是treasury stock method。假设企业发行新股获得的资金会以市场平均价回购企业已经发行在外的股票。 分子的计算不受到影响，而计算分母则要考虑两方面，一方面投资者行权后公司需要发行股票，那么在外发行的普通股股数就会增加，另一方面，公司又用收到的钱在市场上以平均价回购股票，因此会减少发行在外的普通股数量。
这道题讨论了warrant的行权价和平均股价的三种关系：
1 行权价小于平均股价，那么新发行的股数就会少于公司回购的股数，其差额就是分母的增加额，这样算的EPS是小于basic EPS的，因此是有稀释作用。
2 行权价等于平均股价，那么新发行的股数就会等于公司回购的股数，两者抵消，最终分母没有变化，算出来的EPS和basic EPS一样。
3 行权价大于平均股价，那么新发行的股数就小于公司回购的股数，因此发行在外的普通股股数减少，分母减少，算出来的EPS是大于basic EPS的，也就是antidilutive。算出来的EPS一旦大于basic EPS，那么就不予考虑，最终的diluted EPS就等于basic EPS。
这道题是原版书后习题，解析写的太复杂，解析认为当行权价大于平均股价时，投资者行权后会导致antidilutive作用，但是实际上这种情况下正常的投资者是不会选择行权的。所以这道题在考虑diluted EPS时其实只需要考虑两种情况，一种是行权，会有稀释作用，另一种是不行权，不会有稀释作用。判断是否行权则要比较行权价和平均股价，因为题目没有相关数据，所以我们只能得出：diluted EPS要么低于basic EPS（行权），要么等于basic EPS（不行权）。
-------------------------------就算太阳没有迎着我们而来，我们正在朝着它而去，加油！
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
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。 为什么在计算分母的时候380000不用乘1/2，我看题目并不是从1月1号开始的，问题二，为啥分母计算不用加500000
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。 老师讲基础班的时候，还举过一个例子，5.31 stosplit 2 for 1，这个拆股，每个股票都乘以1.2再乘以时间
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。 为什么分母没有考虑warrant outstanng？
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。 stovin6月1号发行的，为什么不时间加权？