问一道题：NO.PZ2016012102000039 [ CFA I ]

问题如下：

Given the following information, calculate the company's diluted EPS:

company has net income of $200,000 and 150,000 common shares outstanding from the beginning of the year. Company also has 1,000, 8%, $1,000 par bonds convertible into 24 shares each,

outstanding as of the beginning of the year. The tax rate is 35%.

选项：

$1.1.

$1.3

$2.17.

解释：

Basic EPS = $\frac{\$200,000}{150,000}=\$1.3$

Check if the convertible bonds are dilutive:

Impact of numerator= (1,000 x 1,000 x 0.08) x (1 - 0.35) = $52,000

Impact of denominator = (1,000 x 24) = 24,000 shares

Impact per share =

$\frac{\$52,000}{24,000shares}=\$2.17$

$2.17 > basic EPS of $1.3, so the bonds are antidilutive. Then the diluted EPS = basic EPS = $1.3.

150,000 common shares outstanding from the beginning of the year，这个不是average,也能当做分母吗？

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1 个答案

纠纠_品职答疑助手 · 2020年05月09日

嗨，爱思考的PZer你好：

这里并没有增发新股，也没有回购，那么年初的150,000 common shares outstanding整年都没有发生变化。所以Average 就是150，000

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NO.PZ2016012102000039 问题如下 Given the following information, calculate the company's luteEPS:company hnet income of $200,000 an150,000 common shares outstanng from the beginning of the year. Company also h1,000, 8%, $1,000 pbon convertible into 24 shares each,outstanng of the beginning of the year. The trate is 35%. A.$1.1. B.$1.3 C.$2.17. Basic EPS = $200,000150,000=$1.3\frac{\$200,000}{150,000}=\$1.3150,000$200,000=$1.3Cheif the convertible bon are lutive:Impaof numerator= (1,000 x 1,000 x 0.08) x (1 - 0.35) = $52,000Impaof nominator = (1,000 x 24) = 24,000 sharesImpaper share =$52,00024,000shares=$2.17\frac{\$52,000}{24,000shares}=\$2.1724,000shares$52,000=$2.17$2.17 basic EPS of $1.3, so the bon are antilutive. Then the luteEPS = basic EPS = $1.3.考点股票稀释假设把所有的债权转为股权 Net income = 200,000+1,000×1,000×8%×(1-35%) =252,000share = 150,000+1,000×24 =174,000EPS = [200,000+1,000×1,000×8%×(1-35%)]/(150,000+1,000×24)=1.45大于basic EPS，因此没有稀释作用，luteEPS=basic EPS=1.3 老师好，可否一下答案中Impaof numerator= (1,000 x 1,000 x 0.08) x (1 - 0.35) = $52,000为什么是 1000 x 1000 x 0.08

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问一道题：NO.PZ2016012102000039 [ CFA I ]

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