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Helen 🎈 · 2023年01月15日

理解问题

  1. CFA I
  2. FRA

NO.PZ2018062018000017

问题如下：

According to following information to calculate diluted EPS:

  • Net income is $1,650,000 in 2017
  • weighted average number of outstanding common shares are 1,000,000
  • preferred stock dividend is $200,000
  • 25,000 stock options with exercise price of $20/share, average market price is $30/share, at the end of 2017, the price of stock is $18/share

选项：

A.

1.57

B.

1.43

C.

1.30

解释：

B is correct. diluted EPS=(1,650,000-200,000)/(1,000,000+25,000-16,667)=1.43, 16,667=25,000*20/30

老师，我实在理解不了为啥要用25000-16666这一步，

实际上我也理解不了关于options这个公式。算得到底是啥

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2 个答案

lynn_品职助教 · 2023年01月17日

嗨，努力学习的PZer你好：


是的~

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

lynn_品职助教 · 2023年01月15日

嗨，从没放弃的小努力你好：


16,667=25,000*20/30


这个option是看涨期权，拥有option代表有权以20的价格买市价30的公司股票。


EPS是only for common stock的，必须要先减掉preferred div，剩余的才是可以分配的。那像option，convertible debt，convertible preferred这些，他们在将来都有可能转换成/买走common stock，我们在算diluted EPS时，都假设他们行权了，公司收到25000*20，那公司必须去市场上以30的价格把这部分股票买回来，也就是16667股，市场中流通股票就减少了16667，由此计算稀释之后的diluted EPS。


其实就是所有含权的我们都假设已经行权来算EPS。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

Helen 🎈 · 2023年01月16日

就是这个20和30差额所造成的差额股数，可以这么理解吗。

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