NO.PZ2016012102000039
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:
A. $1.1.
B. $1.3
C. $2.17.
解释:
Basic EPS =
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 =
$2.17 > basic EPS of $1.3, so the bonds are antidilutive. Then the diluted EPS = 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%) =252,000
share = 150,000+1,000×24 =174,000
EPS = [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,diluted EPS=basic EPS=1.3
答案不应该就是1.45吗,为什么还要和basic比较