The issued share capital of Savoir, a publicly listed company, at 31 March 2003 was $10 million. Its sharesare denominated at 25 cents each. Savoir’s earnings attributable to its ordinary hareholders for the year ended 31 March 2003 were also $10 million, giving an earnings per share of 25 cents.Year ended 31 March 2004

On 1 July 2003 Savoir issued eight million ordinary shares at full market value. On 1 January 2004 a bonus issue of one new ordinary share for every four ordinary shares held was made. Earnings attributable to

ordinary shareholders for the year ended 31 March 2004 were $13,800,000.

Required:

Calculate Savoir’s earnings per share for the years ended 31 March 2004 including

comparative figures.

Savoir – EPS year ended 31 March 2004:

The issue on 1 July 2003 at full market value needs to be weighted:

40m x 3/12 = 10m

New shares 8m

48m x 9/12 = 36m

46m

Without the bonus issue this would give an EPS of 30c ($13·8m/46m x 100).

The bonus issue of one for four would result in 12 million new shares giving a total number of ordinary shares of 60 million. The dilutive effect of the bonus issue would reduce the EPS to 24c (30c x 48m/60m).
    这里请问BONUS ISSUE的计算是不是都视同会计年度的第1天发生？为什么不是这么算：13.8m/(46m+12m*3/12)=28c?

The comparative EPS (for 2003) would be restated at 20c (25c x 48m/60m).

bonus issue的计算不是视同会计年度的第一天发生的，我觉得正确的解法应该是这样：

40M+40M*1/4=50M(这是不需要加权的那部分加上bonus issue)

8*9/12=6M(这是七月一号发行的，加权后的)

bonus issue:6M(加权后的)*1/4=1.5M

所以总共的加权数：50+1.5+6=57.5M

eps=13.8/57.5=0.24

楼主贴出的计算方法是另一种方法，如果照楼主的疑惑的解法的话，那么就犯了两次加权的错误。

鄙人愚见，愿抛砖引玉

借贴问件事儿：为什么斑竹没有让我加入qq群~~

谢谢你的解答，还有一点小疑问：

我理解，新的8百万股不管是7月还是8月或是4月等月发行，这8百万股带来的bonus issue应该都是2百万股，因为是在1月得到的，所以加权后应该是2×3/12=0.5M

按你的理解，如果新股是八月1号发行，bonus issue:8*8/12*1/4=1.3M。

实际上，新股如果是八月1号发行，我还是得到2百万bonus issue啊。

您那个58又是哪里来的啊，我昨天向国内求助了，证实了那个想法，bonus issue不用做时间加权。

“因此总资源还是13,800,000.00, 即30C×46M,由60M股来分，eps=30c*46/60.”要分也不是用这个来分啊，要分也是30c*46/[40+40*1/8+8*9/12+(8*9/12*1/4)]=30*46/57.5=24c，结果一样，验证了吧，你没有对8m加权.

答案是48/60是因为前面的30c是加权过的了，你再加权不就两次了吗。

呵呵我有什么可以学习的啊，大家可以互相讨论一下，共同进步，帮你解答问题的同时，我也学到了好多东西的。

以后有什么疑惑，大家再一起讨论吧

PS:你是在这个论坛中第一个我认为诚心诚意想学习acca的人