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曲轩宏 · 2022年01月17日

老师请问下行权后公司一定会回购么

  1. CFA I
  2. FRA

NO.PZ2016012101000066

问题如下：

Cell Services Inc. (CSI) had 1,000,000 average shares outstanding during all of 2009. During 2009, CSI also had 10,000 options outstanding with exercise prices of $10 each. The average stock price of CSI during 2009 was $15. For purposes of computing diluted earnings per share, how many shares would be used in the denominator?

选项：

A.

1,003,333.

B.

1,006,667.

C.

1,010,000.

解释：

A is correct.

With stock options, the treasury stock method must be used. Under that method, the company would receive $100,000 (10,000 × $10) and would repurchase 6,667 shares ($100,000/$15). The shares for the denominator would be:

 解析：考点是diluted EPS分母的计算。①当年在外发行的股份数= 1,000,000。②由于option行权价低于股票平均价，我们判断会行权，因此期权行权增加了10,000股股份。③但是公司也拿到融资$100,000，再用这些钱按照平均价回购股票，回购份数=$100,000/$15=6667，分母= 1,000,000+10,000-6667=1,003,333。

老师，您好，option被执行后，公司收到钱，这里为什么公司一定要去回购股票？这是固定的么？还是怎么理解或记忆呢 谢谢老师
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Kiko_品职助教 · 2022年01月17日

嗨，努力学习的PZer你好：


公司不一定回购股票的，他可能会用来投资别的，但你如果这样想就复杂化了，我们没办法进行计算了，所以这只是我们的一个简单假设，我们就假设公司拿着这笔钱去以市场平均价格回购了自己公司的股票。

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