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苏·Xu · 2022年09月30日

NO.PZ2016012102000039

问题如下:

Given the following information, calculate the company's diluted EPS:

company has net income of $200,000 and 150,000 common shares outstanding from the beginning of the year. Company also has 1,000, 8%, $1,000 par bonds convertible into 24 shares each,

outstanding as of the beginning of the year. The tax rate is 35%.

选项:

A.

$1.1.

B.

$1.3

C.

$2.17.

解释:

Basic EPS = $200,000150,000=$1.3\frac{\$200,000}{150,000}=\$1.3

Check if the convertible bonds are dilutive:

Impact of numerator= (1,000 x 1,000 x 0.08) x (1 - 0.35) = $52,000

Impact of denominator = (1,000 x 24) = 24,000 shares

Impact per share =

$52,00024,000shares=$2.17\frac{\$52,000}{24,000shares}=\$2.17

$2.17 > basic EPS of $1.3, so the bonds are antidilutive. Then the diluted EPS = basic EPS = $1.3.

考点:股票稀释

假设把所有的债权转为股权

Net income = 200,000+1,000×1,000×8%×(1-35%) =252,000

share = 150,000+1,000×24 =174,000

EPS = [200,000+1,000×1,000×8%×(1-35%)]/(150,000+1,000×24)=1.45

大于basic EPS,因此没有稀释作用,diluted EPS=basic EPS=1.3

52000 为什么这样算?可否解释一下?

1 个答案

王园圆_品职助教 · 2022年10月01日

嗨,从没放弃的小努力你好:


同学你好,以下是可转债计算原理的讲义相关内容截图,同学可以参考一下

52000的计算,是计算如果可转债转换成股票后,那相关的债券利息就不需要支付了,从而公司的NI可以增加,但是只增加税后的利息部分

所以增加的利息=1,000 x 1,000 x 0.08 x (1 - 0.35) = 52,000——这是对于diluted EPS中的分子的影响因素

----------------------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!

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NO.PZ2016012102000039 $1.3 $2.17. Basic EPS = $200,000150,000=$1.3\frac{\$200,000}{150,000}=\$1.3150,000$200,000​=$1.3 Cheif the convertible bon are lutive: Impaof numerator= (1,000 x 1,000 x 0.08) x (1 - 0.35) = $52,000 Impaof nominator = (1,000 x 24) = 24,000 shares Impaper share = $52,00024,000shares=$2.17\frac{\$52,000}{24,000shares}=\$2.1724,000shares$52,000​=$2.17 $2.17 > basic EPS of $1.3, so the bon are antilutive. Then the luteEPS = basic EPS = $1.3. 考点股票稀释 假设把所有的债权转为股权 Net income = 200,000+1,000×1,000×8%×(1-35%) =252,000 share = 150,000+1,000×24 =174,000 EPS = [200,000+1,000×1,000×8%×(1-35%)]/(150,000+1,000×24)=1.45 大于basic EPS,因此没有稀释作用,luteEPS=basic EPS=1.3 答案不应该就是1.45吗,为什么还要和basic比较

2021-12-27 00:28 1 · 回答

NO.PZ2016012102000039 您好老师,luteEPS算出来是1.4482吗

2021-04-23 21:49 1 · 回答

NO.PZ2016012102000039 $1.3 $2.17. Basic EPS = $200,000150,000=$1.3\frac{\$200,000}{150,000}=\$1.3150,000$200,000​=$1.3 Cheif the convertible bon are lutive: Impaof numerator= (1,000 x 1,000 x 0.08) x (1 - 0.35) = $52,000 Impaof nominator = (1,000 x 24) = 24,000 shares Impaper share = $52,00024,000shares=$2.17\frac{\$52,000}{24,000shares}=\$2.1724,000shares$52,000​=$2.17 $2.17 > basic EPS of $1.3, so the bon are antilutive. Then the luteEPS = basic EPS = $1.3.没学债券所以这题不会算分子,这个正常么

2021-03-18 21:29 1 · 回答

NO.PZ2016012102000039 $1.3 $2.17. Basic EPS = $200,000150,000=$1.3\frac{\$200,000}{150,000}=\$1.3150,000$200,000​=$1.3 Cheif the convertible bon are lutive: Impaof numerator= (1,000 x 1,000 x 0.08) x (1 - 0.35) = $52,000 Impaof nominator = (1,000 x 24) = 24,000 shares Impaper share = $52,00024,000shares=$2.17\frac{\$52,000}{24,000shares}=\$2.1724,000shares$52,000​=$2.17 $2.17 > basic EPS of $1.3, so the bon are antilutive. Then the luteEPS = basic EPS = $1.3.您好请问对于convertible bon题目中给的8%是coupon吗?如果公司发行债券,要付出去的应该是coupon payment,但coupon中又包括了本金和利息,那为什么利息直接是1000*8%呢?不好意思突然有点不太理解这个8%是什么,和fixeincome那里有点混淆了,麻烦助教老师帮忙解答,谢谢你!

2021-02-14 12:12 1 · 回答