NO.PZ2017102901000019
问题如下：
Laurelli Builders (LB) reported the following financial data for year-end 31 December:
Common shares outstanding, 1 January 2,020,000
Common shares issued as stock dividend, 1 June 380,000
Warrants outstanding, 1 January 500,000
Net income $3,350,000
Preferred stock dividends paid $430,000
Common stock dividends paid $240,000
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：
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.
考点：basic EPS&diluted EPS
解析：
stock dividend/stock split不进行时间加权，因此：
发行在外普通股加权数=2,020,000×(12/12)+380,000×(12/12)=2,400,000，选项C不正确。
basic EPS= ($3,350,000 –$430,000)/2,400,000=1.22，选项A不正确。
本题条件不足，diluted EPS无法计算具体数值，如果要计算的话，需要知道warrant的exercise price和average market price，然后用treasury stock method来处理。
这道题不用计算diluted EPS，而是分别考虑exercise price＞、=、＜、average market price三种情况，最后可以得到定性结论就是diluted EPS肯定是小于等于basic EPS的。
1、如果exercise price = average market price，则由于warrant行权导致新发行的普通股数量=根据market price回购的股票数量，对EPS无影响。diluted EPS=basic EPS。
2、如果exercise price＜average market price，则由于warrant行权导致新发行的普通股数量＞根据market price回购的股票数量，发行在外普通股加权平均数增加，diluted EPS＜basic EPS
3、如果exercise price＞average market price，如果warrant被执行了，则由于warrant行权导致新发行的普通股数量＜根据market price回购的股票数量，发行在外普通股加权平均数减少，最终通过treasury stock method计算的diluted EPS反而要高于basic EPS，这种情况就是anti-dilutive，这种情况下，计算出的diluted EPS就无效，最终diluted EPS还是等于basic EPS。
经过上面分情况讨论可以得出结论：diluted EPS肯定是小于等于basic EPS的。
为什么分母没有考虑warrant outstanding？
