这道题计算diluted EPS时分子是否应该把优先股的div 800,000再加回去，12M-0.8M+0.8M除以2,020,000 啊？老师讲的convertible preferred diluted EPS的公式好像是这样，前面几次例题也是这么做的？
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:
您的回答C, 正确答案是: B
A
$5.33.
B
$5.54.
C
不正确$5.94.
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.
考点：FSA- Understanding The I/S- Earnings per share (EPS)
