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琳 · 2022年09月08日

请问

  1. CFA I
  2. FRA

NO.PZ2019120301000035

问题如下：

Laurelli Builders (LB) reported the following financial data for year-end 31 December:


Which statement about the calculation of LB’s EPS is most accurate?

选项：

A.LB’s basic EPS is $1.12.

B.LB’s diluted EPS is equal to or less than its basic EPS.

C.The weighted average number of shares outstanding is 2,210,000.

解释：

Solution

B is correct. LB has warrants in its capital structure; if the exercise price is less than the weighted average market price during the year, the effect of their conversion is to increase the weighted average number of common shares outstanding, causing diluted EPS to be lower than basic EPS. If the exercise price is equal to the weighted average market price, the number of shares issued equals the number of shares repurchased. Therefore, the weighted average number of common shares outstanding is not affected and diluted EPS equals basic EPS. If the exercise price is greater than the weighted average market price, the effect of their conversion is anti-dilutive. As such, they are not included in the calculation of basic EPS. LB’s basic EPS is $1.22 [= ($3,350,000 – $430,000)/2,400,000]. Stock dividends are treated as having been issued retroactively to the beginning of the period.

老师，B选项的答案解析能翻译下吗

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1 个答案

Kiko_品职助教 · 2022年09月08日

嗨，爱思考的PZer你好：


B说的是diluted EPS是≤basic EPS的。

股权认证我们是用库藏股的方法，

  • 如果行权价格低于该年度平均市场价格，那么发行的股票数量大于回购的股票数量，也就是会增加已发行普通股的数量，分母增加，导致稀释后的也就是diluted EPS小于basic EPS。
  • 如果行权价格等于该年度平均价格，那么发行的股票数量就等于回购的股票数量，相当于普通股数量没有增加，所以最后diluted是等于basic EPS
  • 如果行权价格大于该年度平均价格，那么一般不会行权。

综上，B答案是正确的。

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