USCPA考試FAR高頻考點(diǎn)：EPS 每股收益（II）

2019年美國(guó)注冊(cè)會(huì)計(jì)師考試已經(jīng)開(kāi)始啦，正保會(huì)計(jì)網(wǎng)校USCPA教學(xué)團(tuán)隊(duì)為幫助廣大學(xué)員高效備考，順利備考，特為大家總結(jié)了FAR科目EPS知識(shí)點(diǎn)，祝大家學(xué)習(xí)愉快，順利備考！

《USCPA考試FAR高頻考點(diǎn)：EPS 每股收益（I）》

4. Complex capital structure
Potentially dilutive securities type:
– Option, Warrants and equivalents
– Convertible securities （convertible P/S or bonds）
– Contracts that may be settled in cash or stock;
– Contingent shares

Rule:
Basic EPS ignores potentially dilutive securities.
Diluted EPS give effect to all potentially dilutive common shares
4-1 基本公式
Diluted EPS = （Income available to CS + interest on dilutive securities） / WACS （assuming full converted）

Diluted EPS 計(jì)算邏輯釋疑：
● 假設(shè)各項(xiàng)可轉(zhuǎn)換普通股的權(quán)益/債務(wù)/期權(quán)工具都全部轉(zhuǎn)換為普通股，對(duì)每一種工具轉(zhuǎn)換過(guò)程有一個(gè)假設(shè)方法。
e.g. 對(duì)期權(quán)采取庫(kù)存股法
● 各項(xiàng)工具向CS 的轉(zhuǎn)換一般帶來(lái)兩個(gè)結(jié)果：
1. 分子權(quán)益總額增大：其他工具轉(zhuǎn)換前應(yīng)計(jì)利益（e.g.利息）轉(zhuǎn)入CS應(yīng)計(jì)利益
2. 分母WACS 增大：其他工具按轉(zhuǎn)換條件轉(zhuǎn)為CS

Dilutive vs. Antidilutive 稀釋與反稀釋?zhuān)?
1. 假設(shè)轉(zhuǎn)換后的EPS 比較Basic EPS 是增大還是減小要看計(jì)算結(jié)果 （分子分母同步增加后的凈結(jié)果）
2. 如果不涉及分子的變化，需要看分母CS數(shù)量變化的結(jié)果 （期權(quán)工具）
3. Assuming conversion, EPS increase, antidilutive; EPS decrease, dilutive.
4. Antidilutive rule:
· Do not include if results of assumed conversion are antidilutive.
反稀釋結(jié)果的EPS（即 EPS 增大）不報(bào)告，謹(jǐn)慎性原則
· In this case, Diluted EPS=Basic EPS

4-2 Dilution from Options, Warrants and equivalents
Treasury stock method:
Assume upon exercise, the proceeds from exercise to be used to repurchase treasury share at market price
CS outstanding increase, but not full amount that should issued on options exercise

庫(kù)存股法：
● 一旦權(quán)利人行權(quán)，公司按行權(quán)價(jià)發(fā)行新股以支付期權(quán)權(quán)利人
● 假設(shè)公司將所獲得的行權(quán)價(jià)對(duì)價(jià)收入全部用于按市價(jià)購(gòu)買(mǎi)股份，增加庫(kù)存股，從而減少流通股
● “in-the-money”: 市價(jià)>行權(quán)價(jià)，新發(fā)行>回購(gòu)庫(kù)存股，CS 總數(shù)增大, dilutive
● “out-of-the-money”: 市價(jià)<行權(quán)價(jià)，新發(fā)行<回購(gòu)庫(kù)存股，CS 總數(shù)減少, antidilutive

Formula公式:
● 期權(quán)在行權(quán)前不獲得損益表任何收益，分子不變
● WACS考慮行權(quán)發(fā)行股-庫(kù)存回購(gòu)股作為凈新增股份數(shù)，凈新增股份一律視為期初行權(quán)/購(gòu)買(mǎi)（權(quán)重為1）
● Incremental CS=New issued-（New issued×Exercise price/avg.market price）

● Equivalents of options and warrants:
Including nonvested stock granted to employees, stock purchase contracts, partially paid stock subscriptions.
● Any canceled or issued options or warrants share be included
● Previously reported EPS not retroactively adj.

4-3 Dilution from convertible securities – Bonds, preferred stock
4-3-1 Convertible bonds
If converted method:
Assume the securities were converted to common stock at the beginning of the period, or at the time of issued （if issued later than period begin）
假設(shè)債券或優(yōu)先股工具期初就已經(jīng)轉(zhuǎn)化為普通股，或以當(dāng)期的發(fā)行日期作為轉(zhuǎn)化日期

公式:

（NI available to CS+convertible Interest×（1-t）） / WACS

Considering conversion

難點(diǎn)釋疑：

1. Discount/premium amortization will be added or deducted from interest payment （base on face value×stated rate）

使用經(jīng)債券發(fā)行折價(jià)或溢價(jià)當(dāng)期攤銷(xiāo)調(diào)整的利息（實(shí)際利息），與費(fèi)用減除的利潤(rùn)口徑一致

2. Time weighted of incremental shares:
1 （outstanding at period begin） or from issued date （ if issued during the period ）
分母增加股份的加權(quán)因素取決于可轉(zhuǎn)換債券本期實(shí)際的流通時(shí)間

Dilutive vs. Antidilutive:
Use only dilutive result: Converted EPS < Basic EPS
If adversely, Converted EPS > Basic EPS, antidilutive converted bonds would be excluded.
單一比較每一種可轉(zhuǎn)換債券的假設(shè)轉(zhuǎn)換結(jié)果，如果出現(xiàn)每股收益增加，該種債券在綜合計(jì)算時(shí)不予包括。

要點(diǎn)：
1. 可轉(zhuǎn)換債券的假設(shè)轉(zhuǎn)換是否稀釋或反稀釋本每股收益，取決于1） 債券的固定利息率 2） 債券的轉(zhuǎn)股率 3）債券是否期初已發(fā)行或當(dāng)期發(fā)行
2. Use convertible per share amount to check dilutive or antidilutive:
（Convertible debt interest）（1-t） / （Convertible debt shares）
● If Convertible per share amount < Basic EPS, dilutive
● If Convertible per share amount > Basic EPS, antidilutive
· 如果有多個(gè)可轉(zhuǎn)換債券，需要一一計(jì)算假設(shè)轉(zhuǎn)換后的稀釋或反稀釋效應(yīng)
· 倒計(jì)時(shí)的綜合計(jì)算只考慮單一比較過(guò)程中產(chǎn)生稀釋結(jié)果的債券

4-4 Dilution from contracts that may be settled in cash or stock
· The facts determine
· Presumed to be settled in CS.
· Included in diluted EPS
· IFRS always presumed CS settle and included in diluted EPS

4-5 Dilution from contingent shares
· Contingent issuable shares depend on some future event or on certain conditions being met.
· If all conditions for issuance are met, contingent shares are also included in BASIC EPS as of the beginning of the period in which the conditions were satisfied.
· If NOT, contingent shares are also included in Dilutive EPS.

5. Disclosures of EPS
· Reconciliation of the numerators and the denominators of the basic and diluted EPS.
· The effect of PS dividend
· Securities potentially dilute EPS but not included
· Subsequent issues which may affect EPS
· Cash flow amount per share are NOT disclosed

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