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H. · 2020年11月07日

问一道题:NO.PZ2017102901000017

问题如下:

For its fiscal year-end, Calvan Water Corporation (CWC) reported net income of $12 million and a weighted average of 2,000,000 common shares outstanding. The company paid $800,000 in preferred dividends and had 100,000 options outstanding with an average exercise price of $20. CWC’s market price over the year averaged $25 per share.CWC’s diluted EPS is closest to:

选项:

A.

$5.33.

B.

$5.54.

C.

$5.94.

解释:

B is correct.

The formula to calculate diluted EPS is as follows:

Diluted EPS = (Net income – Preferred dividends) / [Weighted average number of shares outstanding + (New shares that would have been issued at option exercise–Shares that could have been purchased with cash received upon exercise) × (Proportion of year during which the financial instruments were outstanding)].

The underlying assumption is that outstanding options are exercised, and then the proceeds from the issuance of new shares are used to repurchase shares already outstanding:

Proceeds from option exercise = 100,000 × $20 = $2,000,000

Shares repurchased = $2,000,000/$25 = 80,000

The net increase in shares outstanding is thus 100,000 – 80,000 = 20,000. Therefore, the diluted EPS for CWC = ($12,000,000 – $800,000)/2,020,000 = $5.54.

请问股份数是不是应该加上优先股的股份数?可是这题为什么没有给出优先股的股份数呢?

2 个答案

Olive_品职助教 · 2020年11月09日

同学你说的是这里吗,这里加上的是【可转换优先股】转换为普通股之后所增加的普通股股份数。

这道题优先股不是可转换优先股,不影响普通股数量。

Olive_品职助教 · 2020年11月08日

嗨,努力学习的PZer你好:


EPS不管是basic还是diluted,分母的股份数都是在外发行的【普通股】的股份数。我们从来没学过在分母上加优先股的股份数。


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