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馨予zz · 2025年06月30日

请问分子为什么不减可转换优先股股利

NO.PZ2024030503000207

问题如下:

Question
An analyst gathers the following information about a company's fiscal year ended 31 December:

One convertible preferred share is convertible into two common shares. If the tax rate is 40% and there are no other potentially dilutive securities outstanding, reported diluted EPS is closest to:

选项:

A.€0.38.

B.€0.48.

C.€0.63.

解释:

Solution
  1. Incorrect because it subtracts the preferred dividends from net income in the diluted EPS calculation. Accordingly, Diluted EPS = (€2,500,000 – 1,000,000 × €1) ÷ (2,000,000 + 2 × 1,000,000) = €1,500,000 ÷ 4,000,000 = €0.375 ≈ €0.38.

  2. Incorrect because it subtracts the preferred dividends multiplied with an after-tax percentage from net income in the diluted EPS calculation. Accordingly, Diluted EPS = (€2,500,000 – 1,000,000 × €1 × (1 – 0.4) ) ÷ (2,000,000 + 2 × 1,000,000) = €1,900,000 ÷ 4,000,000 = €0.475 ≈ €0.48.

  3. Correct because when a company has convertible preferred stock outstanding, diluted EPS is calculated using the if-converted method. The formula to calculate diluted EPS using the if-converted method for preferred stock is: Diluted EPS = Net income ÷ (Weighted average number of shares outstanding + New common shares that would have been issued at conversion). Therefore, Diluted EPS = €2,500,000 ÷ (2,000,000 + 2 × 1,000,000) = €2,500,000 ÷ 4,000,000 = €0.625 ≈ €0.63. However, diluted EPS, by definition, is always equal to or less than basic EPS. Basic EPS = (Net income - Preferred dividends) ÷ (Weighted average number of shares outstanding) = (€2,500,000 – 1,000,000 × €1) ÷ 2,000,000 = €1,500,000 ÷ 2,000,000 = €0.75. Therefore the convertible preferred stocks are dilutive and diluted EPS = €0.63.

Analyzing Income Statements

请问分子为什么不减可转换优先股股利

1 个答案

王园圆_品职助教 · 2025年06月30日

同学你好,请看以下diluted EPS的公式截图,黄色框部分显示的是需要把优先股的分红加回的

因为计算basic EPS 的时候,才需要把优先股的分红减去,相当于只计算针对普通股的分红

而一旦计算diluted EPS,优先股就转换成普通股了,那原来如果计算basic EPS减去了才需要加回这些优先股分红,如果直接计算diluted EPS,就直接分子是NI即可,一减再一加就等于不要对优先股分红做处理

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