IAS 33 EPS (PHẦN 2)

IAS 33 EPS

IAS 33 EPS

4. Diluted EPS with convertible bond:
Case study 4:
Barwell had 10 million ordinary shares in issue throughout the year ended 30 June 20X3. On 1 July 20X2 it had issued $2 million of 6% convertible loan stock, each $5 of loan stock convertible into 4 ordinary shares on 1 July 20X6 at the option of the holder. Barwell had profit after tax for the year ended 30 June 20X3 of $1,850,000. It pays tax on profits at 30%.
What was diluted EPS for the year?
Diluted EPS calculation:
- Basic EPS = 1.85/10 = 0.185
- Test for dilution:
Incremental earnings/incremental shares = 2 x 0.06 x (1-03)/ (2/5 x 4) = 0.084/1.6 = 0.0525
Because 0.0525 < 0.185, it is diluted
- Diluted EPS = (PAT + Incremental earnings)/(shares + incremental shares) = (1.85+0.084)/(10+1.6) = 1.934/11.6 = 0.167
5. Diluted EPS with share options:
Case study 5:
Talbot has in issue 5m 50c ordinary shares throughout 20X3. During 20X1 the company had given certain senior executives options over 400,000 shares exercisable at $1.1 at any time after 31 May 20X4. None were exercised during 20X3. The average market value of one ordinary share during the period was $1.60. Talbot had made a profit after tax of $540,000 in 20X3. What is the diluted EPS for the year 20X3?
Diluted EPS calculation:
Với trường hợp share options thì không cần test for diluted nữa vì luôn xảy ra trường hợp diluted
- Bonus shares = (0.4 x 1.6 – 0.4 x 1.1)/1.6 = 0.125
- Diluted EPS = PAT /(Share + incremental shares) = 0.54/(5 + 0.125) = 0.105
Note: mình xin tổng hợp lại công thức tổng quát tính Diluted EPS trong cả 2 trường hợp như sau:

= (PAT + Incremental earnings)/ (shares + incremental shares) -      Incremental earnings = bond x interest rate x (1-tax rate) -      Incremental share = convertible bonds + share options

Note:
- WANOS: Weighted –average number of shares
- TERP: Theoretical –ex rights price
- PAT: Profit after tax
Cám ơn các bạn rất nhiều, rất mong nhận được sự góp ý từ các bạn, 

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