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sarafung · 2024年08月28日

为什么行权期权时候，分子NI不用加上 员工行权期权的income

  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

为什么行权期权时候，分子NI不用加上 员工行权期权的income

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lynn_品职助教 · 2024年08月31日

嗨，从没放弃的小努力你好：


那个不是net income哦，算是股本的增加，只加了cash和所有者权益的股本

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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 · 2024年08月29日

嗨，努力学习的PZer你好：


只有是可转优先股，转成了普通股之后，分子才需要加回优先股的股利。


这一题考的可稀释证券是option，option是看涨期权，拥有整个option就代表你将来有权以固定价格买公司股票。这跟要不要减去preferred stock div没有关系的。


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。


然后有可能转换成普通股的会影响分母。


但是呢，option，convertible debt，convertible preferred这些，他们在将来都有可能转换成common stock，所以我们会计算一个稀释之后的diluted EPS

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加油吧，让我们一起遇见更好的自己！

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