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队长别开枪是我212 · 2025年06月21日

请问老师,这个题目中的Diluted EPS的分母为什么不是 2020000+38000*7/12+500000 ?

NO.PZ2023081403000027

问题如下:

Q. Laurelli Builders (LB) reported the financial data shown in Exhibit 1 for year-end 31 December:

Exhibit 1:

Laurelli Builders

Which statement about the calculation of LB’s EPS is most accurate?

选项:

A.LB’s basic EPS is USD1.12. B.LB’s diluted EPS is equal to or less than its basic EPS. C.The weighted average number of shares outstanding is 2,210,000.

解释:

B is correct. LB has warrants in its capital structure; if the exercise price is less than the weighted average market price during the year, the effect of their conversion is to increase the weighted average number of common shares outstanding, causing diluted EPS to be lower than basic EPS. If the exercise price is equal to the weighted average market price, the number of shares issued equals the number of shares repurchased. Therefore, the weighted average number of common shares outstanding is not affected and diluted EPS equals basic EPS. If the exercise price is greater than the weighted average market price, the effect of their conversion is anti-dilutive. As such, they are not included in the calculation of basic EPS. LB’s basic EPS is USD1.22 [= (USD3,350,000 – USD430,000)/2,400,000]. Stock dividends are treated as having been issued retroactively to the beginning of the period.

请问老师,这个题目中的Diluted EPS的分母为什么不是 2020000+38000*7/12+500000 ?

1 个答案

王园圆_品职助教 · 2025年06月21日

同学你好,首先关于股票型分红,解析已经说了

" Stock dividends are treated as having been issued retroactively to the beginning of the period."——就是“股票分红被视为追溯至期初发行。”的意思,对应的就是以下讲义的截图黄色画线部分,意思就是股票分红在计算weighted average shares outstanding的时候,是不需要按照时间进行加权的,都默认是期初分红计算的

所以你这里的380000是不需要做时间加权的,直接全额加上去就可以了

而warrant,首先我们没有学过warrant如何转成普通股。其次,就助教的理解,warrant是类似option的,所以它即便转换,也需要考虑投资者行权公司会用收到的钱买回一些股票的情景,所以500000的warrant不会有100%的稀释作用,而是可能会是一个小于50万的数量导致diluted shares增加,你这里加50万,也是错的


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