Convertible Preferred StockとDiluted EPSの関係について
- USCPAの勉強中に、Convertible Preferred Stockの希薄化の影響を考慮したDiluted EPS計算公式に疑問があります。
- Preferred stockが転換された場合、preferred dividendsがなくなるため、Diluted EPSの計算公式には含まれません。
- Net Income自体にはPreferred Dividendsの利益が含まれているため、Net Incomeから転換され消えるPreferred Dividendsのマイナスを含めて計算する必要があります。
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Diluted EPS
USCPAの勉強をしています。 Convertible Preferred Stockの希薄化の影響を考慮したEPSを求める計算公式に疑問点があります。 Diluted EPS=Net Income÷weighted average of common shares outstanding+shares issued upon conversion of preferred stock ”Preferred stockが転換された場合、preferred dividendsがなくなるので、その公式において分子にはpreferred dividendsを含めない”とテキストにあります。しかし、そもそもNet Income自体にPreferred Dividendsの利益を含んでいるのでいるので、あらかじめNet Incomeの数字が問題文に記載されている場合、Basic EPSを求める公式同様、その公式の分子にはNet Income から、転換され消えてしまったPreferred Dividendsのマイナスを含めなければいけないと考えてしまいます。なぜPreferred Dvidendsをその計算公式に含めないのか説明していただけると助かります。
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◆前提 EPSはあくまでも普通株式（CS）に関するものであり、優先株式（PS）は含みません。 ◆Basic EPS ＝(NI－PS dividends)/common shares outstanding 分母は流通普通株式ですので 分子にPSがある場合には、PS dividendsを控除して、CSだけのEPSを求めるわけです。 ◆Diluted EPS ＝NI÷（common shares outstanding+shares issued upon conversion of PS） 分母はもし転換したらPS株式はなくなり、その分CS株式数が増加するのでプラスして、 分子はもし転換したらPS株式はなくなるので、PS dividendsもなくなります。従って、差引かなくてもよくなるわけです。違った見方をすると分母が全てCSですので、PS dividendsは発生せず、その結果、差引く必要がなくなるわけです。
関連するQ&A
- leverage interest ?
ある文章中に In order to reduce leverage and future interest payments, the company may from time to time exchange shares of its common stock for the company's outstanding notes and debentures pursuant to the exemption from registration provided by Section 3(a)(9) of Securities Act of 1933, as amended. という文が含まれています。 leverage interest paymentsというものが何なのか、御教示ください。
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- その他（ビジネス・キャリア）
- 投資に関する英文
It shows you what would have happened to your money if you had chosen to reinvest the dividends at the safest rate (defaults to the three month T-bill rate of the stock’s country), instead of purchasing more shares. この文章の意味がよくわかりません。大筋としては、「さらに多くの株を買う代わりに、配当金を再投資したら利益はどうなるかということを示している」というような内容なのですが、at the safest rate以降がわかりません。 語句の意味、説明などわかる方、教えてください。
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- 株式市場
- 海外のブローカーに口座開いたのですが、ほったらかし
１年が経つ頃ですが、なにぶん英語なので 意味がさっぱり分からない？ 概要だけでも教えてもらえませんか、、、＞＜ Please note that Citigroup Inc. (NYSE: C) will have a reverse stock split * which will be effective after the close of trading on May 6, 2011, and that Citigroup Inc. common stock will begin trading on a split adjusted basis on the New York Stock Exchange (NYSE) at the opening of trading on May 9, 2011. When the reverse stock split becomes effective, every (10) ten shares of issued and outstanding Citigroup common stock will be automatically combined into (1) one issued and outstanding share of common stock without any change in the par value per share. *Note: A "reverse stock split reduces the number of shares in the market and increases the share price proportionately. For example in a 1:10 reverse stock split the number of shares in the market is reduced by 10 times and stock price increases by 10 times (although the opening price after a reverse split may have a deviation from this price)". FxPro Financial Services Ltd. will therefore close all open positions of Citigroup Inc. ( C ) CFD after the closing of the market on Friday the 6th . It is up to the client to reopen his/her positions at the opening on Monday the 9th. Additionally all pending orders placed at and before the 06/05/2011 will be deleted. FxPro Terms and Conditions (CORPORATE ACTIONS 8.1) If a corporate action materializes, the client accepts that FxPro reserves the right to make appropriate adjustments to the value and/ or the size of a transaction and/ or number of any related transactions; any such adjustment aims in preserving the economic equivalent of the rights and obligations of both the client and the Firm immediately prior to a corporate action. It should be noted that these adjustments are conclusive and binding upon the client; the client will be informed accordingly by the Firm as soon as reasonably practicable. Thank you for your collaboration. Sincerely yours, Dealing Desk, FxPro Financial Services Ltd. 以上です。よろしくお願いします。 定期的に来るメールとはまったく雰囲気が違っています。 何か重要なことが書いてあるように思うのですが、、、。
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- 英語
- 超難しい英文 半分訳したが残り助けてください。
When any shares have been converted into stock, the several holders of such stock may transfer their respective interests in such stock, or any part of such interests, in such manner as the Company in general meeting or by resolution by written means shall direct, but in default of any such direction in the same manner and subject to the same regulations as and subject to which the shares from which the stock arose might previously to conversion have been transferred, or as near thereto as circumstances will admit. 株式が資本株に転換されると、当該資本株の株主が当該資本株に対応するそれぞれの利益または部分的な利益を会社の総会の決議または書面的な決議によって指示された方法で譲渡する。当該指示の方法の不履行の際、同様の規定に従い、 ．．． ここまで出来ましたが ．．． 後半超難しい、どうしても論理的な日本語に訳せないのです。誰か上級者のかた助けてください。
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- 英語
- 英訳（ストックオプション関連）
いつもこちらの教えてgooでお世話になっております。実は今急いで訳さなくてはならない英文があるのですが契約書のような公式文書の為、大変難儀しております。皆さんなら下記英文どのように和訳されますか？どうかその筋のプロの方知恵をお貸し下さい！！ a non-qualified option to purchase from the company(the Option) 400 shares of its Common Stock, $.01 par value(stock), at the price of $40.12 per share upon and subject to the terms and conditions set forth below. Captitalized terms not defined herein shall have the meanings specified in the plan.
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- 和訳お願いします
和訳お願いします! Market value Market value can only be calculated for publicly-traded companies,but it is very easy to measure. Simply take today's share value,as listed on the stock market,and multiply it by the number of shares outstanding. The result is a measure of what the company's investors believe the company is worth. A problem with market value is that it reflects not just facts and analysis of the company's value,but also investors' emotions. When overall share prices are falling,investors tend to panic and sell their shares as well,forcing down a company's share price for reasons that have nothing to do with the company. Share prices are often artificially increased for similar reasons. So the advantages of market value are that it is easy to calculate and usually provides a good,objective measure of what the company's shareholders think it is worth. Disadvantages are that it may only be calculated for publicly-held companies,and that companies' shares may be undervalued or overvalued for emotional reasons. よろしく お願いします。
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- 英語
- 翻訳お願いします。
Every day, millions of stock trades are made in the United States. Who buys and sells stock? Mort often it is people with money to invest, people with extra income that they don't need. A very small tax every time Americans bought some stock shares of a company could bring in a lot of money for the government. Finally, you might already be taxed for throwing away trash. When you buy your trash bags, the tax is added to the cost of the bags. For example, you might pay \150 for ten bags today. Next year, you might have to pay \550...150 for bags, and 400 yen in a "garbage tax", or \40 per bag. This will serve two purposes: The government will get money for this service, and people will most likely throw away less trash. Unfortunately, it also means that people will throw trash away in places like wooded areas. Strangely, it may hurt our environment more than help it. There are sure to be new types of taxes soon. Sadly, it will not be just to raise money for governments, but to force people to live more reasonable, ecological lives. The only way to get people to cooperate might be to hit them hard in a place that hurts: Their pocketbooks and wallets.
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- 英語
- 英文の和訳をお願いします。
よろしくお願いします。 The term “business corporation” (excluding financial service institutions) means economic entities whose objective is to make a profit from such activities as the production and sale of goods or services . Business corporations invest funds in real assets (such as facilities and inventories) to carry out production and marketing activities on a continuing basis . Funds raised by business corporations are divided into internal funds (those generated in the ordinary course of the production and sale of goods or services) and external funds (those raised from external sources ) , according to the method employed to raise them . Technically , internal reserves and depreciation charges are included in internal funds. As the company is not required to repay the principal of , or pay interest or dividends on , such funds , they are considered the most stable means of corporate financing . In actuality , however , business corporations cannot meet their funding requirements with internal funds alone , and many of them have to rely on external funds . External funds are divided into the proceeds resulting from loans and the issuance of equity and debt securities , according to the method employed to raise them . Loans are obtained primarily from banking institutions . This method of raising funds with debt securities is termed “indirect financing” In addition to those issued at the time of their incorporation, business corporations issue additional equity shares(an increase of capital) to finance the expansion of their production capacity or for other purposes . As business corporations are not required to repay the principal thus raised, or pay interest thereon , the proceeds from the issuance of equity shares constitute the most stable form of funds among external funds . As is the case with equity shares , corporate debt securities are also an instrument for raising funds from the capital markets, and issuers have to redeem them on or by a predetermined date of redemption and pay a definite rate of interest on them . Corporate debt securities are largely divided into straight (SB), bonds with subscription rights, and structured bonds(see Chapter V). As the securities underlying equity shares or corporate debt are held directly by the providers of funds, this method of raising funds is called “direct financing”. A survey of changes that have occurred in the amount of funds raised from external sources as a percentage of the outstanding balance of financial debts shows that bank borrowings have tended to decrease since 1990. In the 2000s, funds raised through the issue of securities have outpaced those obtained through bank borrowings, suggesting that the weight of corporate financing structure has shifted from indirect to direct financing. This may be explained by the fact (1) that following the liberalization and internationalization of the financial markets, businesses have actively sought to raise funds be selling new shares and bonds on the market and (2) that particularly since 1980, in addition to reductions of inter-company credits that businesses had made under the pressure of recession, banks have curtailed their lending and businesses have repaid their debt banks in an effort to improve their financial positions. And these facts have combined to produce a synergistic effect. Most recently, the proportion of financing by loans has risen because of the decline in the functioning of the capital market caused by the financial crisis. However, with the establishment of emerging markets and the liberalization and abolition of regulations on the issue of debt securities, small-to-medium-sized firms can now obtain financing through the capital market. Consequently, if the capital market rebounds, the proportion of financing through the issue of securities will likely recover.
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早速のご回答ありがとうございました。 説明大変わかりやすかったです。 また、ご厄介になるかもしれません。 よろしくお願い致します。