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Andrew随鸟走天涯 · 2021年07月18日

问一道题：NO.PZ2016012102000184 [ CFA I ]

  1. CFA I
  2. FRA

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.

为什么是否行权是看平均价格？ 而不是行权当时的价格
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1 个答案

Olive_品职助教 · 2021年07月19日

嗨，爱思考的PZer你好：


这是老师上课特地讲过的结论，同学要特别记忆一下。

因为我们假设可能是陆陆续续发生行权的，那么拿着option的投资者行权之后，公司就会收到一笔钱，就会用这笔钱在市场上按照行权当时的价格回购股票。

但我们不可能每发生一笔行权就计算一笔，所以最终简化下来就是用option的行权价和average price比较判断是否行权，用treasury stock method回购股票的时候也是按照average price来回购。

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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。 乘以32/34是啥意思？分母不是算股数吗？为什么要乘除价格？

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