NO.PZ2017102901000020
问题如下:
For its fiscal year-end, Sublyme Corporation reported net income of $200 million and a weighted average of 50,000,000 common shares outstanding. There are 2,000,000 convertible preferred shares outstanding that paid an annual dividend of $5. Each preferred share is convertible into two shares of the common stock. The diluted EPS is closest to:
选项: $3.52.
$3.65.
C.$3.70.
解释:
C is correct.
Diluted EPS = (Net income)/(Weighted average number of shares outstanding + New common shares that would have been issued at conversion)
= $200,000,000/[50,000,000 + (2,000,000 × 2)]= $3.70
The diluted EPS assumes that the preferred dividend is not paid and that the shares are converted at the beginning of the period.
这道题只涉及到可转换优先股,所以分子应该是NI减去给优先股的分红,然后加回转换了的优先股的分红。这道题给的条件只有可转换优先股是2000000份,没有给普通的优先股的条件,我们默认没有,也就是所有的优先股都是可转换优先股,这样的话分子减去给优先股的分红,然后再加回,结果是相抵消了,最后分子只剩下NI=200,000,000。
分母应该等于一开始的加权平均普通股,再加上可转换优先股转换成的普通股份数,由于每份优先股可以转换为两份普通股,所以分母就变成了50,000,000+2,000,000×2。
diluted EPS=200,000,000/(50,000,000+2,000,000×2)=3.7
basic EPS=(200,000,000-2,000,000×5)/50,000,000=3.8,所以是有稀释作用,diluted EPS=3.7
老师,我想确认,
diluted EPS分子相互抵消所以NI=200m 。
如果带入数字的话是这样吗
200m-2000000*5+2000000*5