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苏·Xu · 2022年09月30日

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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？

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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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