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政昭 · 2024年10月20日

basic shares

NO.PZ2016012102000037

问题如下:

At the beginning of the year, PZ company had 200,000 shares of common stock outstanding. On May 31, Share issued 50,000 shares of common stock. And Share issued a 15% stock dividend on June1. On October 1, the company issued 1,000, 10% bonds, each can be converted into 10 shares of common stock. In computing basic and diluted EPS, what is the weighted average number of shares to be used assuming the convertible bonds are dilutive?

选项:

Average shares, basic
Average shares, dilutive

A.

263,542
273,542

B.

263,542
230,200

C.

178,900
236.042

解释:

Basic shares = {[200,000 x (12 / 12)] + [50,000 x (7 / 12)]} x 1.15 = 263,542

Diluted shares = 263,542 + 10,000 =273,542

考点:股数计算

Basic shares = {[200,000 x (12 / 12)] + [50,000 x (7 / 12)]} x 1.15 = 263,542

* 5月底发行的50,000股,需要按时间加权。

** 乘以 1.15,是因为发了15%的股票股利

Diluted shares = 263,542 + 10,000 =273,542

在算diluted EPS的时候,如果有convertible bond的话,convertible bond转成的股票是不考虑时间加权的,就视同最初发行的一样。是直接加上convertible bond转股后的股份数。

为什么十一发行的可转债不是1000*10*3/12而是10000?

1 个答案
已采纳答案

王园圆_品职助教 · 2024年10月20日

同学你好,因为无论是针对任何一种可转换证券,在计算diluted EPS的时候,都遵循“if-converted method”——这是上课老师说过的diluted EPS的知识点

原理就是我们要计算的diluted EPS,是公司万一全部可转换证券都转换成股票以后得到的稀释效果最大的EPS的值,这才能将最坏的情况展示给现有普通股股东看,让股东了解自己最差可能股权会被稀释到一个什么程度

所以虽然这里写了10月1日才发行可转债,但是我们在计算diluted EPS的时候,还是要做“假设1月1日就发行了这些可转债并且全部转换”的最差情况,从而才能计算一个最大的diluted EPS的分母,计算一个最大的稀释效果

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