NO.PZ2019120301000039
问题如下：
Question
The following information is available about a company for the current year:
Net income of $32 million
Weighted average number of common shares outstanding of 4.5 million
$15 million of 12% convertible bonds, convertible into 50,000 shares
200,000 options with an exercise price of $50 per share
Average market price of $80 per share during the year
Tax rate of 30%
The company’s diluted EPS is closest to:
选项：
A.$6.99. B.$7.19. C.$6.81.解释：
Solution
A is correct. Basic EPS = (Net income – Preferred dividends)/Weighted average number of shares outstanding. The company’s structure includes two potentially dilutive securities: convertible debt (which may be dilutive or anti-dilutive) and options (which are always dilutive). Diluted EPS includes the effects of the dilutive securities and must be less than basic EPS.
Determine whether the convertible bonds are dilutive.
Because diluted EPS is greater than basic EPS ($7.31 > $7.11), the convertible bonds are anti-dilutive and must be excluded from the diluted EPS calculation.
Calculate diluted EPS using only the options.
B is incorrect. $7.19 includes both the convertible bonds and options together in the diluted EPS calculation: $33,260,000/(4,500,000 + 50,000 + 75,000).
C is incorrect. It correctly included only the options in the diluted EPS calculation, but failed to allow for the hypothetical buyback of shares at the average price.
为什么最后计算的时候分子不增加1260000元，不是应该是net income+税后利息吗？
