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momo · 2024年02月12日

2.17

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NO.PZ2016012102000039

问题如下：

Given the following information, calculate the company's diluted EPS:

company has net income of $200,000 and 150,000 common shares outstanding from the beginning of the year. Company also has 1,000, 8%, $1,000 par bonds convertible into 24 shares each,

outstanding as of the beginning of the year. The tax rate is 35%.

选项：

A.

$1.1.

B.

$1.3

C.

$2.17.

解释：

Basic EPS = $200,000150,000=$1.3\frac{\$200,000}{150,000}=\$1.3

Check if the convertible bonds are dilutive:

Impact of numerator= (1,000 x 1,000 x 0.08) x (1 - 0.35) = $52,000

Impact of denominator = (1,000 x 24) = 24,000 shares

Impact per share =

$52,00024,000shares=$2.17\frac{\$52,000}{24,000shares}=\$2.17

$2.17 > basic EPS of $1.3, so the bonds are antidilutive. Then the diluted EPS = basic EPS = $1.3.

考点：股票稀释

假设把所有的债权转为股权

Net income = 200,000+1,000×1,000×8%×(1-35%) =252,000

share = 150,000+1,000×24 =174,000

EPS = [200,000+1,000×1,000×8%×(1-35%)]/(150,000+1,000×24)=1.45

大于basic EPS，因此没有稀释作用，diluted EPS=basic EPS=1.3

为什么要算第一步2.17

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1 个答案

王园圆_品职助教 · 2024年02月12日

同学你好，你是想问为什么要算这个第一步吧？

这是上课老师讲过的计算流程哦！

无论计算diluted EPS还是basic EPS，第一步都必须计算basic EPS——因为这个basic EPS是最后判断证券是否有稀释作用的benchmark

之后算各个可转换证券加入后的EPS是否比最初的basic EPS 更小——只有更小的情况下，才能说明这个证券转换后真的对EPS有稀释作用，否则就应该用最初的basic EPS作为diluted EPS的值

另外，从定义上理解，diluted EPS是公司考虑了所有被稀释的情况下能够得到的最小的EPS（也就是必须小于或等于basic EPS），所以如果最后判断下来一个证券对公司的basic EPS并没有稀释作用，那就必须要用basic EPS作为diluted EPS的值

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