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Amy_ywh · 2024年08月17日

请老师看一下思路

  1. CFA II
  2. FRA

* 问题详情，请 查看题干

NO.PZ202401310100000307

问题如下：

An analyst is building a financial statement model for SKI and projects share-based compensation expense to be 10% of revenues next fiscal year. Based on the following assumptions, the analyst’s estimated basic share count for SKI will increase by how many shares next fiscal year?

Revenues FY2025E = SGD 506 million

Weighted-average grant-date fair value per share of vesting RSUs = SGD 46.36

Forfeitures= 0 shares (the analyst’s share-based compensation expense is net of forfeitures).

选项：

A.

1.1 million

B.

1.3 million

C.

10.9 million

解释：

A is correct. Share-based compensation expense is estimated to be SGD 506

million x 0.10 = SGD 50.6 million. The expense is recognized upon vesting

(which for RSUs is coincident with settlement). The number of shares issued and therefore increasing basic shares outstanding is SGD 50.6 million / SGD 46.36 = 1.1 million shares.

这道题是不是问如果计划2015年要给用在compensation的钱是Rev的10%， 也就是50.6M,题目问这些钱可以发多少RSUs?

然后因为RSUs的是用grant date fair value做，所以无论多少forfeit, 能发出去的RSU都是50.6/46.36


谢谢

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王园圆_品职助教 · 2024年08月18日

同学你好，这道题问的是明年basic shares可以增加多少，而不是问RSU可以发出去多少

只是本题认为RSU一旦vest就会settle，也就是会立刻转成普通股从而增加basic shares,所以有多少RSU被vest就是会转换成多少普通股，从而最后题目就转换成了求有多少RSU明年会被vest

因为能forfeit的只有未转换成普通股的RSU而不存在可以forfeit普通股的可能，所以本题forfeit无论多少也不影响题目答案

其他部分你的理解都没有问题哦

Amy_ywh · 2024年08月18日

明白了 谢谢老师！

王园圆_品职助教 · 2024年08月18日

好的同学

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NO.PZ202401310100000307 问题如下 analyst is builng a financistatement mol for SKI anprojects share-basecompensation expense to 10% of revenues next fiscyear. Baseon the following assumptions, the analyst’s estimatebasic share count for SKI will increase how many shares next fiscyear?Revenues FY2025E = SG506 millionWeighteaverage grant-te fair value per share of vesting RSUs = SG46.36Forfeitures= 0 shares (the analyst’s share-basecompensation expense is net of forfeitures). A.1.1 million B.1.3 million C.10.9 million A is correct. Share-basecompensation expense is estimateto SG506million x 0.10 = SG50.6 million. The expense is recognizeupon vesting(whifor RSUs is coincint with settlement). The number of shares issueantherefore increasing basic shares outstanng is SG50.6 million / SG46.36 = 1.1 million shares. 您好，这题我没明白。为啥还用上了除法

2024-03-20 07:50 1 · 回答