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欢欢 · 2021年12月27日

题干问的不是calculate the company's diluted EPS吗

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 = $200,000150,000=$1.3\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 =

$52,00024,000shares=$2.17\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.

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
1 个答案

Kiko_品职助教 · 2021年12月29日

嗨,努力学习的PZer你好:


如果大于basic是没有稀释作用的,说明是antidiluted,所以diluted就等于basic。建议同学多听听基础课的视频哈。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

欢欢 · 2021年12月29日

好~

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