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Intermediate Accounting, 11th ed.

Kieso, Weygandt, and Warfield

Chapter 17: Dilutive Securities


and Earnings per Share

DILUTIVE
Terjadi karena Penambahan jumlah
saham yg beredar, sehingga untuk nilai
saham yg sama sekarang harus dibagi dg
jumlah lembar saham yang lebih besar.
Hilangnya nilai pemegang saham yang
ada. Atau pengurangan hasil/hak surat
berharga karena jumlah yang
dikeluarkan melebihi jumlah yang
semestinya, atau karena adanya
pemberian hak opsi untuk memperoleh
surat berharga tersebut.

DILUTIVE
Pengaruh atas pendapatan perlembar saham jika
semua surat berharga yang konvertibel
dikonversikan atau semua hak beli saham
dilaksanakan.
Terdapat beberapa Dilutive yaitu:
1. Kepemilikan
2. Nilai Pasar
3. Laba dan Nilai buku
Seperti dalam emisi Warrant dan surat berharga
konversi. Perusahaan2 dengan jumlah emisi
warrant dan surat berharga konversi yg signifikan
diharuskan melaporkan laba berdasar Fully
Diluted Basis

Convertible Bonds:
Concepts
Pd saat penerbitan: Metode pencatatannya

mengikuti methode yg digunakan untuk


mencatat penerbitan hutang langsung.

Pada saat Konversi: Dipakai metode nilai buku

Untuk mencatat konversi.

Cost of induced conversions (konversi yg

dirangsang) dg tujuan mengurangi biaya bunga


atau meningkatkan rasio hutang terhadap
ekuitas.

Diakui dengan cara seperti pada gain and

losses atas penarikan hutang non konvertibel.

Conversion of Debt:
Example
Given:
One $1,000 bond, issued at $45
premium
The bond is convertible into 10 common
shares of $10 par
At conversion: unamortized premium is
$30
Record the conversion using the book
value method.

Conversion of Debt:
Example
Bonds payable
1,000
Premium on bonds payable
30
Common stock
Paid-in-cap

100
930

Convertible Preferred
Stock: Concepts
Convertible

preferred stock adalah


equity, dikurangi penebusan kewajiban.
Conversion adalah transaksi ekuitas:
Tidak ada keuntungan atau kerugian
yang diakui.
If converted, valuation is based on the
book value of the preferred stock.

Stock Warrants: Concepts


Stock warrants (surat jaminan) adalah

sertifikat yg memberikan hak kpd


pemegangnya utk memperoleh saham pd
harga tetentu selama periode yg ditetapkan.
Mempunyai pengaruh dilutif(mengurangi
laba per saham) dg konversi sekuritas
konvertibel
Cash is received by issuer upon exercise.
Stock warrants are also known as stock
options.

Stock Warrants yg
diterbitkan dg sekuritas
lainnya
Stock warrants may be:

either detachable warrants, or


non-detachable warrants

If warrants are detachable, value of


the warrants is determined by:
either the proportional method, or
the incremental method.

If warrants are non-detachable, no


allocation to warrants is made.

Proportional Method:
Example
Given:
Bonds, with a par value of $10,000
and detachable warrants, are sold at
par.
Bonds FMV without the warrants is
$9,800.
FMV of warrants is $400.
Allocate the $10,000 to bonds and the
detachable warrants.

Proportional Method: Example


Total proceeds from
the bond issue:
$10,000 [given]

Allocate to Warrants:
$400/$10,200 FMV
[times]
$10,000 [issue]
$392
$392

Allocate to Bonds:
$9,800/$10,200 FMV
X
$10,000 [issue]

$9,608
$9,608

Proportional Method:
Example
Journal entries:
Cash
Discount (Bonds Payable)
Bonds Payable
Cash

Paid-in (Stock warrants)

9,608
392
392

10,000
392

Incremental Method:
Example
Given:
Bonds, with a par value of $10,000 and detachable
warrants, are sold at par.
Market price of warrants, $300.
Market price of bonds without warrants, not
determinable.
Determine the amounts allocated to the bonds and the
warrants
Total receipt less warrants = bonds
$10,000

$300 = $9,700

Hak utk memesan saham


tambahan (Stock Rights)
Stock rights adalah Hak istimewa yang

diberikan kepada pemegang saham untuk


membeli saham terlebih dulu sesuai
dengan proporsi yang mereka miliki,
apabila perusahaan menerbitkan saham
baru.
Unlike warrants, rights are of short
duration.
No journal entries are made, when rights
are issued.

Stock Options: Important


Dates
Work
start date

Grant
date

Vesting
date

Exercise
date

Expiration
date

Options
are
granted to
employee

Date
employee
can first
exercise
options

Employee
exercises
options

Unexercised
options
expire

Measuring Compensation
Expense
Intrinsic value method:
Compensation expense adl kelebihan hrg psr shm atas
hrg opsi pd tgl ketika sejumlah saham yg berhak
diterima krywn diberikan dan harga opsi atau hrg beli
telah diketahui.

Fair value method:


Compensation expense adlh berdsrkan nilai wajar opsi
yg diharapkan menjadi haknya pd tgl opsi itu dihibahkan
kpd krywn.
option pricing models may be used to determine fair
value.

Stock Compensation
Plans: Controversy
Penelitian menunjukkan intrinsic method
menghslkan laba ditetapkan terlalu
tinggi
Sgt sedikit pershn use fair value method
Options menguntungkan scr tdk
proporsional hanya pada sedikit top
eksekutif.
Political and economic pressures on FASB.

Earnings Per Share:


Concepts
Reported on the income statement.
EPS is often the focus of investors.
Dilution of EPS means reduction in EPS.
Reduction in EPS results from

conversion of other securities into


common stock.
Shareholders want to know the extent
of reduction in EPS, if dilution takes
place.

Relation between Basic and


Diluted EPS

Simple Capital
Structure: Basic EPS

Simple capital structure:

Terdiri dari saham biasa atau tdk mencakup


saham biasa potensial

Basic EPS:
Net income Preferred dividends
Weighted average outstanding common
shares

Earnings Per Share:


Complex Structures:
Summary
Dual EPS Presentation
Basic EPS

Net income adjusted for interest


(net of tax) and preferred dividends
Weighted average number of
common shares assuming maximum
dilution

Diluted EPS
Dilutive Convertibles
Dilutive Options and
Warrants
Dilutive Contingent
Issues

Complex Capital Structures

Complex capital structures have


potentially dilutive securities, such as:
Convertible bonds or preferred stock.
Options or warrants, or
Other rights that could reduce
earnings per share.
Securities that could reduce EPS are
dilutive.
Securities that could increase EPS are
anti-dilutive.

Diluted Earnings Per Share:


Methods
Pengaruh dilutive dari sekuritas2 yg
konvertible diukur dgn if-converted method
(metode-Tdk dikonversi)
Pengaruh dilutive dari options and warrants
diukur dgn treasury stock method.
Untuk menghitung dilution, digunakan
tingkat konversi yg paling menguntungkan
pemegang sekuritas (atau disebut maximum
dilutive conversion rate).

The If-Converted
Method
Konversi sekuritas2 kedlm common stock
diasumsikan terjadi pada awal tahun atau
tgl penerbitan, jika belakangan.
Convertible bonds: Biaya bunga (net of
tax) ditambahkan kembali ke net income.
Convertible preferred: Tdk ada
pengurangan untuk preferred dividends.
Jumlah rata2 tertimbang dari saham
ditambah dgn tambahan common shares
yang diasumsikan diterbitkan.

The Treasury Stock


Method
Berlaku untuk options dan warrants (serta yang
ekuivalen dgn mereka).
Options dan warrants diasumsikan digunakan pada
awal tahun.
Hasil dari penggunaan (exercise) options
diasumsikan digunakan untuk membeli-kembali
common shares pada harga pasar rata2.
Harga penggunaan per saham tsb harus lebih kecil
daripada harga pasar persaham agar dilution
terjadi.