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sparkle · 2024年01月21日

option行权为何要公司新发行100000股？

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NO.PZ2023081403000026

问题如下：

Q. For its fiscal year-end, Calvan Water Corporation (CWC) reported net income of USD12 million and a weighted average of 2,000,000 common shares outstanding. The company paid USD800,000 in preferred dividends and had 100,000 options outstanding with an average exercise price of USD20. CWC’s market price over the year averaged USD25 per share. CWC’s diluted EPS is closest to:

选项：

A.USD5.33

B.USD5.54

C.USD5.94

解释：

B is correct. The formula to calculate diluted EPS is as follows:

Diluted EPS = (Net income – Preferred dividends)/[Weighted average number of shares outstanding + (New shares that would have been issued at option exercise – Shares that could have been purchased with cash received upon exercise) × (Proportion of year during which the financial instruments were outstanding)].

The underlying assumption is that outstanding options are exercised, and then the proceeds from the issuance of new shares are used to repurchase shares already outstanding:

Proceeds from option exercise = 100,000 × USD20 = USD2,000,000Shares repurchased = USD2,000,000/USD25 = 80,000

The net increase in shares outstanding is thus 100,000 – 80,000 = 20,000. Therefore, the diluted EPS for CWC = (USD12,000,000 – USD800,000)/2,020,000 = USD5.54.

​option行权为何需要公司新发行100000股？不可以这样吗：公司不发行新股，将目前持股中的100000股按行权价卖给option持有人吗？这样算diluted eps时，分母减少100000股普通股，分子净利润减少100000*（25-20）。

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lynn_品职助教 · 2024年01月22日

嗨，努力学习的PZer你好：


option行权为何需要公司新发行100000股？不可以这样吗：公司不发行新股，将目前持股中的100000股按行权价卖给option持有人吗？这样算diluted eps时，分母减少100000股普通股，分子净利润减少100000*（25-20）。


题干这里“ The company paid $800,000 in preferred dividends and had 100,000 options outstanding with an average exercise price of $20. ”

粉色部分说了公司有在外发行的期权


在diluted EPS计算下，我们都认为这些期权一定会行权，且在期初就行权——一旦员工行权，就意味着公司会收到员工支付的每股20美元的购买股票的款项，这些钱公司就会拿来回购自己在外发行的股票，从而避免在外发行股份数的进一步扩大


以上是公司对期权行权的规定性操作，不可以按目前持股，参考以下讲义截图


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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

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