USCPA考试FAR高频考点：EPS 每股收益（II）
2019年美国注册会计师考试已经开始啦，正保会计网校USCPA教学团队为帮助广大学员高效备考，顺利备考，特为大家总结了FAR科目EPS知识点，祝大家学习愉快，顺利备考！
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 计算逻辑释疑：
● 假设各项可转换普通股的权益/债务/期权工具都全部转换为普通股，对每一种工具转换过程有一个假设方法。
e.g. 对期权采取库存股法
● 各项工具向CS 的转换一般带来两个结果：
1. 分子权益总额增大：其他工具转换前应计利益（e.g.利息）转入CS应计利益
2. 分母WACS 增大：其他工具按转换条件转为CS
Dilutive vs. Antidilutive 稀释与反稀释：
1. 假设转换后的EPS 比较Basic EPS 是增大还是减小要看计算结果 （分子分母同步增加后的净结果）
2. 如果不涉及分子的变化，需要看分母CS数量变化的结果 （期权工具）
3. Assuming conversion, EPS increase, antidilutive; EPS decrease, dilutive.
4. Antidilutive rule:
· Do not include if results of assumed conversion are antidilutive.
反稀释结果的EPS（即 EPS 增大）不报告，谨慎性原则
· 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
库存股法：
● 一旦权利人行权，公司按行权价发行新股以支付期权权利人
● 假设公司将所获得的行权价对价收入全部用于按市价购买股份，增加库存股，从而减少流通股
● “in-the-money”: 市价>行权价，新发行>回购库存股，CS 总数增大, dilutive
● “out-of-the-money”: 市价<行权价，新发行<回购库存股，CS 总数减少, antidilutive
Formula公式:
● 期权在行权前不获得损益表任何收益，分子不变
● WACS考虑行权发行股-库存回购股作为净新增股份数，净新增股份一律视为期初行权/购买（权重为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）
假设债券或优先股工具期初就已经转化为普通股，或以当期的发行日期作为转化日期
公式:
（NI available to CS+convertible Interest×（1-t）） / WACS
Considering conversion
难点释疑：
1. Discount/premium amortization will be added or deducted from interest payment （base on face value×stated rate）
使用经债券发行折价或溢价当期摊销调整的利息（实际利息），与费用减除的利润口径一致
2. Time weighted of incremental shares:
1 （outstanding at period begin） or from issued date （ if issued during the period ）
分母增加股份的加权因素取决于可转换债券本期实际的流通时间
Dilutive vs. Antidilutive:
Use only dilutive result: Converted EPS < Basic EPS
If adversely, Converted EPS > Basic EPS, antidilutive converted bonds would be excluded.
单一比较每一种可转换债券的假设转换结果，如果出现每股收益增加，该种债券在综合计算时不予包括。
要点：
1. 可转换债券的假设转换是否稀释或反稀释本每股收益，取决于1） 债券的固定利息率 2） 债券的转股率 3）债券是否期初已发行或当期发行
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
· 如果有多个可转换债券，需要一一计算假设转换后的稀释或反稀释效应
· 倒计时的综合计算只考虑单一比较过程中产生稀释结果的债券
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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