Know Your Rights Co. has three stock option plans outstanding on December 31, 2015. They provide the holders with the following entitlements:
•Stock option A—The holders may purchase 55,000 ordinary shares at any time on or before December 31, 2019 for $41 each.
•Stock option B—The holders may purchase 2,000 ordinary shares at any time on or before December 31, 2016 for $47 each. From January 1, 2017 to December 31, 2019 the holders may purchase 7,000 ordinary shares for $52 each.
•Stock option C—The holders may purchase 12,000 ordinary shares at any time on or before December 31, 017 for $51 each.
The average price of ordinary shares in 2015 was $50 and its basic EPS from continuing operations for the year was $1.01.
a. Which of the stock options are dilutive and which are anti-dilutive in 2015? What is the rule in this respect?
b. Assuming that all three option plans have been in place the entire year, for each plan, determine the incremental number of shares, if any, that need to be considered for diluted EPS purposes.
c. Assume that stock option A was issued on April 1, 2015. Does this change your answer to part b? If so, what is the revised number of incremental shares for option A that need to be considered for diluted EPS purposes?
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