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xiaoe · 2024年06月11日

这个题怎么和讲义不同，讲义不是还有一项cash proceeds from exercise么

  1. CFA II
  2. FRA

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NO.PZ202401310100000305

问题如下：

SKI reported basic shares outstanding of 270,400,000 and positive net income on its income statement for the year ended 31 December 20X2. Besides unvested RSUs, SKI had no other potentially dilutive securities outstanding. Assuming an average share price of SGD 71.50 for the year, diluted shares outstanding for the year ended 31 December 20X2 is closest to:

选项：

A.

273,284,585.

B.

275,695,075.

C.

279,341,928.

解释：

B is correct. Diluted shares outstanding is computed using the treasury stock method, where unvested RSUs are added to basic shares outstanding, net of assumed repurchases which is based on the average unrecognized share-based compensation expense and average prevailing market price for the shares.


这个题怎么和讲义不同，讲义不是还有一项cash proceeds from exercise么，Average expense跟这个应该不是一个吧，怎么区分么

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王园圆_品职助教 · 2024年06月11日

同学你好，你说的“规定的么？＂是指哪部分知识点？是average unrecognized share-based compensation expense的计算嘛？——如果你的问题是这个，那答案是，是的。因为这就是一种计算方法啊，之前的经济学家或专业人士规定的计算，我们只能遵守并记忆

你的问题或者是针对RSU的proceeds from cash exercise＝０这个结论？——这个原理助教上面已经跟你解释了呢，老师上课也有讲过，不需要刻意记忆，只需要理解这个原理，自然计算的时候就会和option的处理区分开来了呢

王园圆_品职助教 · 2024年06月11日

同学你好，你仔细看下，这道题是针对的RSU不是option呢

讲义上对RSU计算的diluted shares的那道例题里面，proceeds from cash exercise是等于0的哦，和本题结论是完全一样的，请看以下讲义题目的截图

原理上，RSU不需要员工花钱买股票就会自动会在settlement时授予员工股票了，而option是需要员工真的拿钱给公司，公司才会按照option规定的执行价格发行新股给到员工的，所以只有option才会涉及proceeds from cash exercise的计算，RSU不涉及呢


另外，average unrecognized share-based compensation expense这道题和讲义不同也很正常呢

知识点说的是，计算average unrecognized share-based compensation expense需要用到最近两年的unrecognized share-based compensation expense来做平均

——讲义计算的是刚授予了一年的RSU和option在第一年年末的average unrecognized share-based compensation expense，所以用的是第０年和第１年年末的unrecognized share-based compensation expense来做平均。而第０年由于还没有授予RSU和option，所以第0年的unrecognized share-based compensation expense=0

——而本题计算的是第3年年末的average unrecognized share-based compensation expense，需要用第3年年末和第2年年末的unrecognized share-based compensation expense来计算，题目也确实是用这两个年末数据来平均的呢

xiaoe · 2024年06月11日

这是规定的么，只能强行记忆？

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