从wikipedia抄的一段话:
if the options outstanding equals 5% of the issued shares and the P/E=20,
then 95% (= 5/105*20) of any increase in earnings goes, not to the
shareholders, but to the options holders.
意思好像是,option如果占一定比重以后,ER的增长都跑到option上去了。AMD会不会
属于这种情况?
Impact of options and warrants dilution
Options and warrants are converted at pre-defined rates. As the stock price
increases, their value increases dollar-for-dollar. If the stock is valued
at a stable price-to-earnings ratio (P/E) it can be predicted that the
options' rate of increase in value will be 20 times (when P/E=20) the rate
of increase in earnings. The calculation of "what percentage share of future
earnings increases goes to the holders of options instead of shareholders?"
is[1]
(in-the-money options outstanding as % total) * (P/E ratio) = % future
earnings accrue to option holders
For example if the options outstanding equals 5% of the issued shares and
the P/E=20, then 95% (= 5/105*20) of any increase in earnings goes, not to
the shareholders, but to the options holders.