美国CPA考前复习：每股收益

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　　Earnings per share

　　All public entities are required to present Earnings Per Share（EPS）on the face of the I/S.

　　参《企业会计准则第34号-每股收益》

　　Simple/Complex capital structure

　　If an entity has only common stock outstanding，then it has simple capital structure.The entity only need present basic EPS for “IDE” and “I” on the face of the I/S.

　　If an entity has securities that can potentially be converted to common stock，then it has complex capital structure.The entity need present both basic EPS and diluted EPS for “IDE” and “I” on the face of the I/S.

　　The key point of identify simple or complex capital structure is securities convertible to common stock.

　　The key result difference is diluted EPS.

　　Basic EPS=[NI available to C/S]/WACSO

　　NI available to C/S=NI–P/S dividend

　　P/S dividend=Dividend declared to P/S+Dividends in arrears

　　Weighted-Average number of Common Shares Outstanding（WACSO）is the mean of shares outstanding and assumed to be outstanding for EPS calculations.

　　发行在外普通股加权平均数（WACSO）=期初发行在外普通股股数+新发行普通股股数 X 已发行时间÷报告期间-当期回购普通股股数X已回购时间÷报告期间

　　考点1. Cumulative P/S 未宣告的股利（dividend in arrears）是否要在计算EPS时扣除？是的。必须扣除。因为在支付普通股股东股利之前，企业必须首先支付历年的dividend in arrears.

　　考点2. 如果三个Stock dividends / splits方案，除实施时间不同外（分别在3/31/X1，9/30/X1，1/2/X2 ），无任何区别。B/S date是12/31，报告签发日为2/25/X2.问三个方案下谁的EPS？一样大。

　　Stock dividends/splits before the F/S ISSUE DATE must be treated as though they occurred at the earliest beginning of the period in the report.

　　Complex capital structure–potentially dilutive securities type：

　　Convertible securities（convertible P/S or bonds）

　　Warrants and other options

　　Contracts that may be settled in cash or stock；and

　　Contingent shares

　　每股盈余有两种，基本稀释要披露。

　　先把基本来计算，分子收益分母股。

　　稀释计算两大类，转换加钱是与否。

　　转换加钱库存法，不再加钱视同法。

　　库存收钱买股票，买了库股兑期权。

　　库股不够发期权，只好注水发新股。

　　库存股法调分母，注水新股加其中。

　　视同法下期初转，分母一定要调增。

　　合同约定转换比，相应增加普通股。

　　可转债券动分子，节省利息要交税。

　　稳健原则永不忘，坚决不能反稀释。

　　库存股法行权价，视同法中看结果。

　　行权价比市价高，视同法下结果大。

　　以上两种情况出，全当证券不存在。

　　“Treasury stock” Dilutive vs.Antidilutive

　　Market price>Exercise price，Dilutive

　　Market price<Exercise price，Antidilutive

　　If the security is antidilutive，ignore it during calculating dilutive EPS.因为没有投资人会傻到当market price<exercise price时，还行权

　　“If-converted” method are adopted during calculating the dilutive EPS.If-converted method assumes that the securities were converted to C/S at the beginning of the period（or at the time of issue，if later）

　　Diluted EPS=[Income available to C/S + interest on dilutive securitiesX（1-Tax rate）]/[WACSO，assuming all dilutive securities are converted to C/S]

　　Dilution from Options，Warrants，and their Equivalents–Treasury Stock Method.

　　The equivalents of options and warrants include nonvested stock granted to employees，stock purchase contracts，and partially paid stock subscriptions.

　　Treasury Stock Method的逻辑是：

　　当期权行权时，会增加outstanding的股票，进而稀释EPS

　　如果用行权时所收到的金额，按市价购买库存股，会减少outstanding的股票，进而反稀释EPS

　　真正的增加的股票和稀释的效果是以上两者的综合

　　Additional shares outstanding=number of shares issued for option–[proceeds received for option exercise / average market price]

　　Proceeds received for option exercise=number of shares issued for option X exercise price

　　Diluted from Convertible Securities–If converted method

　　1st.计算Basic EPS

　　2nd.计算Additional C/S（按合同约定）

　　3rd. 计算Additional N/I.对Bonds，增加了Interest X（1-tax rate）。对P/S，无影响。

　　4th.计算 If-converted的EPS

　　5th. 取min（basic EPS，if-converted EPS）

　　存在多种潜在稀释证券时的计算顺序（同时有option，convertible P/S，convertible bonds）

　　独立原则。各种证券互不影响，互相独立。

　　按稀释性大小，先算稀释性的。实务中通常稀释性从大到小为option and warrants，convertible P/S，convertible bonds.

　　计算顺序的逻辑–稳健性原则。告诉投资人一个至小的Dilutive EPS.

　　Dilution from contracts that may be settled in cash or stock.

　　GR：presumed to be settled in C/S.

　　SR：Included in diluted EPS

　　逻辑–稳健性原则。告诉投资人一个至小的Dilutive EPS.

　　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.

　　Disclosures of EPS

　　Reconciliation of the numerators and the denominators of the basic and diluted EPS.

　　The effect of P/S dividend（in arrears）

　　Potentially dilute EPS but not included

　　Subsequent issues which may effect EPS

　　Cash flow amount per share are NOT disclosed

　　Summary of EPS（F7-31）重要

　　FAR F7-3 Statement of cash flows

　　Cash flow statement（C/F）is composed by：

　　operating cash flows（CFO），which is from transactions reported on the I/S，and Current assets and current liabilities.

　　Investing cash flows（CFI），which is from noncurrent assets.

　　Financing cash flows（CFF），which is from debt and equity.

　　Cash and cash equivalents

　　Cash is defined as actual cash（i.e.，currency and demand deposits）

　　Cash equivalents are defined as short-term，liquid investment，that are：

　　Quickly convertible into specific amounts of cash

　　So near maturity that the risk of changes in the value because of interest rate changes is insignificant.

　　CFO+CFI+CFF=the end cash and cash equivalent-the begin cash and cash equivalent

　　Methods of presenting the statement of C/F

　　The direct method（encourage）

　　The indirect method

　　Direct / Indirect method only different on CFO.The CFI & CFF is the same.

　　Under the direct method，the CFO shows the major classes of operating cash receipts and disbursements.A reconciliation of NI to CFO is required to be provided in a separate schedules under U.S. GAAP.

　　Indirect method CFO=NI+Noncash Expense/Loss–Noncash Income/Gains+Increase in operating liabilities–Increase in operating assets.

　　间接法下的正负号的逻辑：

　　现金及等价物是资产。

　　同性相斥，异性相吸。

　　资产的增加，减少CFO.

　　负债的增加，增加CFO.

　　CFO involve producing goods and delivering services to customers.

　　All transactions not categorized as CFI & CFF are categorized as CFO.

　　Direct method–categories to report

　　Cash received from customers=Revenue+increase in unearned revenue–increase in AR

　　Interest received

　　Dividend received

　　Direct method–categories to report（Cont‘）

　　Other operating cash receipts

　　Cash received from the sales of trading securities

　　Cash paid to suppliers and employees=COGS+increase in inventory–increase in A/P+salaries and wages expense–increase in wages payable

　　Interest paid

　　Direct method–categories to report（Cont‘）

　　Income taxes paid

　　Cash paid to acquire trading securities

　　Other operating cash payments=other operating expenses+increase in prepaid expenses–increase in accrued liabilities.

　　Indirect Method–adjustment to NI

　　All deferral of past operating cash receipts and disbursements.

　　All accruals of expected future operating cash receipts and disbursements.

　　All items that are included in NI that do NOT affect operating cash receipts and disbursements.

　　Indirect method CFO=NI+Noncash Expense/Loss–Noncash Income/Gains+Increase in operating liabilities–Increase in operating assets.

　　Indirect method CFO=“CLAD”

　　Current assets and liabilities

　　Losses and gains

　　Amortization and depreciation

　　Deferred items

　　Short-Cut Cash Flow Effects

　　同性相斥，异性相吸

　　Changes in debit balance accounts will have the opposite effect on cash flows

　　Changes in credit balance accounts will have the same effect on cash flows

　　Gains and Losses–CFI

　　Gains are subtracting from NI

　　Losses are adding to NI

　　Investing Activities include cash flows from the purchase or sale of NONCURRENT assets.

　　Making loans to other entities

　　Purchasing or disposing of trading，AFV，HTM

　　Acquiring or disposing of PP&E

　　Acquiring under acquisition method using cash.

　　Financing activities include cash flow from noncurrent liability and equity activities.

　　Obtaining resources from owners（issue stock）

　　Providing owners with return（dividend）

　　Obtaining resources from creditors（bonds）

　　Payments of principal on amount borrowed

　　Non cash investing and financing activities should be provided separately in a supplemental disclosure. Include：

　　A purchase of PP&E by issuance of stock

　　Conversion of bonds to equity

　　Acquiring assets through a capital lease obligation

　　The exchange of one noncash asset for another noncash asset

　　Summary of cash flow classifications of individual transactions （F7-38）。重要。

　　IFRS differences in reporting cash flow（F7-39）

　　Interest received

　　Interest paid

　　Dividends received

　　Dividends paid

　　Tax paid

　　FAR F7-Appendix I Ratio Analysis

　　Liquidity Ratios

　　Activity Ratios

　　Profitability Ratios

　　Long–term Debt-Paying Ability Ratios

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