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Chương 10 Phân tích các lựa chọn tài chính F I G U R E 10-3 ABC CÔNG TY CỔ PHẦN Thu nhập trên mỗi cổ phiếu Phát hành trái phiếu mới (hàng ngàn, trừ mỗi số liệu chia sẻ) | CHAPTER 10 Analysis of Financing Choices 333 FIGURE 10-3 ------------------------------- ABC CORPORATION Earnings per Share with New Bond Issue thousands except per share figures Before New Product With New Product Earnings before interest and taxes EBIT . . 9 000 11 000 Less Interest charges on long-term debt . . 1 150 1 150 Earnings before income taxes . . 7 850 9 850 Less Income taxes at 34 . . 2 669 3 349 Earnings after income taxes . . 5 181 6 501 Less Preferred dividends . . -0- -0- Earnings available for common stock . . 5 181 6 501 Common shares outstanding number . . 1 million 1 million Earnings per share EPS . . 5.18 6.50 Less Common dividends per share . . 2.50 2.50 Retained earnings per share . . 2.68 4.00 Retained earnings in total . . 2 681 4 001 Original EPS Figure 9-2 . . 5.94 5.94 Change in EPS . . -0.76 0.56 Percent change in EPS . . -12.8 9.4 reduction represents of course the after-tax cost of the bond interest or 1 150 000 times 1 - .34 . As a consequence earnings per share decline to 5.18 a drop of 76 cents or an immediate dilution of 12.8 percent from the prior level. This change is purely due to the incremental interest cost which on a per share basis amounts to the same 76 cents that is the after-tax interest of 759 000 divided by one million shares. In Chapter 8 we discussed the stated annual cost of debt funds defined as the tax-adjusted rate of interest carried by the debt instrument. Assuming an effective tax rate of 34 percent in our example the stated cost of debt for ABC Corporation is therefore 7.59 percent. We also explained in Chapter 9 that the specific annual cost of debt is found by relating the stated annual cost to the actual proceeds received. If these proceeds differ from the par value of the debt instrument the specific annual cost of the debt will of course be higher or lower than the stated rate. In the case of ABC Corporation we assumed that net proceeds were effectively at par and therefore the specific cost of ABC s .
