答案和详解如下： 11．Assume that the exercise price of an option is $6, and the average market price of the stock is $10. Assuming 802 options are outstanding during the entire year, what is the number of shares to be added to the denominator of the Diluted EPS? A) 802. B) 481. C) 321. D) 286. The correct answer was C) (802)(6) = 4812 4812/10 = 481.2 802-481 = 321 or [(10-6)/10]802 = 321 12．Assume that the exercise price of an option is $9, and the average market price of the stock is $12. Assuming 992 options are outstanding during the entire year, what is the number of shares to be added to the denominator of the Diluted EPS? A) 248. B) 992. C) 744. D) 221. The correct answer was A) (992)($9) = $8928 $8928/12 = 744 992-744 = 248 new shares or [(12-9)/12] 992 = 248 13．The Fischer Company had net income of $1,500,000. Fischer paid preferred dividends of $5 on each of the 100,000 preferred shares. There are 1 million Fischer common shares outstanding. In addition to the common and preferred stock, Fischer has $25 million of 4 percent bonds outstanding. The face value of each bond is $1,000. Each bond is convertible into 40 common shares. If Fischer's tax rate is 40 percent, determine its basic and diluted earnings per share?
A) $1.00 $1.25 B) $1.50 $1.25 C) $1.00 $0.80 D) $1.50 $0.80 The correct answer was C) Basic EPS = | ($1,500,000 - $500,000) | = $1.00 | 1,000,000 |
Diluted EPS = | ($1,500,000 - $500,000) + $1,000,000(1 - 0.4) | = | $1,600,000 | = $0.80 | 1,000,000 + 1,000,000 | 2,000,000 |
14．The Gaffe Company had net income of $1,500,000. Gaffe paid preferred dividends of $5 on each of the 100,000 preferred shares. Each preferred share is convertible into 20 common shares. There are 1 million Gaffe common shares outstanding. In addition to the common and preferred stock, Gaffe has $25 million of 4 percent bonds outstanding. If Gaffe's tax rate is 40 percent, what is it's diluted earnings per share? A) $0.50. B) $0.33. C) $1.00. D) $1.50. The correct answer was A) The preferred shares are convertible into 100,000 x 20 = 2 million common shares. They are dilutive since: Basic EPS | = | $1,000,000 | = $1.00 | 1,000,000 |
Diluted EPS | = | $1,500,000 | = $0.50 which is less. | 3,000,000 |
15．The Widget Company had net income of $1 million for the period. There were 1 million shares of widget common stock outstanding for the entire period. If there are 100,000 options outstanding with an exercise price of $40, what is the diluted earnings per share for Widget common stock if the average price per share over the period was $50? A) $0.98. B) $0.99. C) $1.00. D) $1.01. The correct answer was A) Use the Treasury stock method
Proceeds = 100,000 ($40) = $4,000,000
Shares assumed purchased with proceeds= $4,000,000/$50 = 80,000 shares
Potential dilution = 100,000 – 80,000 = 20,000 shares
Basic EPS = $1/share
Diluted EPS = $1,000,000 / 1,020,000 = $0.98/share | 
发表于 2008-4-10 11:53
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