Rangkuman CH 16 [PDF]

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CHAPTER 16 DILUTIVE SECURITIES AND EPS 1. Dilutive Securities and Compensation Plans Sekuritas dilutif merupakan sekuritas yang dapat diubah menjadi saham biasa dan perubahan tersebut berakibat pada pengurangan (dilution) laba per lembar saham. Contoh sekuritas dilutif adalah convertible bonds, convertible preferred stock, stock warrants. 1. Debt and Equity Jadi di sini itu masih ada pertanyaan seputar instrument kaya convertible securities, preference shares, warrant, itu dilaporkan sebagai liabilities atau ekuitas?  Non-redeemable ordinary/preference shares : dilaporkan sebagai equity karna gaada kewajiban buat bayar dividend atau beli kembali sharesnya. 2. Convertible Debt Jadi convertible bonds itu bond yang bisa diubah ke securtities lain selama periode yang spesifik setelah penerbitan. Convertible bond ini dia punya 2 keuntungan berupa hak buat dapet interest juga dapet hak istimewa buat nuker ke sekuritas lain Perusahan nerbitin convertible bond ini karna dua alasan yaitu :  Meningkatkan equity capital tanpa memberikan hak control yang signifikan kaya saham,.  memperoleh dana murah karena tingkat bunga obligasi konversi umumnya lebih rendah dibanding straight debt obligation a. Accounting for Convertible Debt



Merupakan compound instrument karena mencakup liability and equity component. Perusahaan menggunakan “with-and-without” method untuk menilai compound instrument ini :



Fair value liability diperoleh dari present value dari principal dan interest payment Mencatat (Dr) Cash (Cr) Bonds Payable Convertibl (Cr) Share Premium-Conversion e Debt Equity a) senilai fair value of convertible debt ; b) senilai fair value of liability component ; c) Share Premium-Conversion Equity merupakan selisih lalu dilaporkan sebagi equity di SOFP Settlement of Convertible Debt Repurcha (Dr) Bonds Payable (Cr) Cash) se at maturity Senilai fair value of convertible debt Conversio (Dr) Share Premium-Conversion Equity n of bonds (Dr) Bonds Payable (Cr) Share Capital-Ordinary at (Cr) Share Premium Ordinary maturity a) Dari selisi fair value convertible bond



dengan fair value liability component ; b) Senilai carrying amount saat jatuh tempo c) Senilai jumlah convertible bond x penukaran terhadap ordinary shares x nilai par dari shares d) Carrying Amount bonds dikurangi dengan share capital ordinary baru ditambah dengan share premium conversion equity karena ini tuh di transfer ke share premium ordinary Sama aja kaya at maturity cuma beda nominal. NO GAIN OR LOSS!!!! Repurcha ADA GAIN OR LOSS!!! se before (Dr) Bonds Payable maturtity (Dr) Share Premium-Conversion Equity (Dr) Loss on repurchase (Cr) Cash *) Kalo diatas kondisinya loss - Gain/Loss : Selisih allocated liability component and carruing amount liability - Equity component is recognizes (as a reduction) in equity a. Induced Conversions Untuk mengurangi interest cost atau meningkatkan equity ratio dengan menambahkan tambahan berupa cash atau ordinary shares yang disebut sweetener yang dilaporkan sebagai expense



(Dr) Conversion expense (Dr) Share Premium-Conversion Equity 20 (Dr) Bonds Payable 500 (Cr) Share Capital-Ordinary 450 (Cr) Share Premium-Ordinary 50+20 (Cr) Cash 3. Convertible Preference Shares Opsi untuk menukar preference share menjadi ordinary shares. Bedanya sama convertible debt itu di klasifikasinya, kalo convertible bond itu masuknya ke compound istrumen karena memang punya liability dan equit component, kalo convertible preference share tuh bukan compound istrumen karena Cuma punya equity aja. NO GAIN OR LOSS!! Baik saat di convert atau di repurchase Pencatatan penerbitan convertible preference shares Saat diconvert



(Dr) Cash (Cr) Share Capital-Preference (Cr) Share Premiun-Conversion Equity (Dr) Share Capital-Preference (Dr) Share Premium-Conversion Equity (Cr) Share Capital Ordinary (Cr) Share Premium-Ordinary Karna gunain book value method jadinya mengabaikan fair value makanya gaada tuh gain.loss dari hasil convert



Repurchase



(Dr) Share Capital-Preference (Dr) Share Premium-Conversion Equity (Dr) Retained Earnings (Cr) Cash



with warrants dikurangi dengan fair value of liability component at date of issuance sehingga menghasilkan equity component at date of issuance Saat jual bonds Cash Bonds Payable



Jadi kalo misal repurchase terus fair value nya lebih besar dari carrying amount yauda deh mengurangi aja R/E Kalo lebih besar carrying amount nya tinggal menambah juga R/E 4. Share Warrants Warrant itu mekanisme memberikan penawaran terlebih dahulu kepada pemegang saham lama untuk mempertahankan kepemilikannya. Punya diltuve effect karena akan mengurangi EPS. Perbedaan substansialnya dengan convertible securities tuh kalo share warrant tuh nanti pemegang share warrant nya harus bayar sejumlah uang buat dapet shares. Biasanya terjadi karena 3 situasi :  To make the security more attractive by providing an equity kicker  Preemptive right to purchase ordinary shares  Compensation to executives and employees  Share Warrants Issued with other Securities Long trem-option, umumnya jangka waktu warrant tuh 5 tahun atau ngga 10 tahun. Exercise price / strike price : jumlah dan harga pelaksanaan Debt issued with share warrants (baik detachable maupun non-detachable) merupakan compound instrument karena emang punya debt dan equity component makanya pake lagi “with and without method” Jadi nanti pencatatannya pake langkah langkah kaya biasa pertama nentuin dulu fair value of bonds



Bisa at par, at premium, atau at discount tergantung pada perbedaan face value dengan present value of the bond Tambahan Cash pencatatan Share Premium-Share warrant karena issued with warrant Senilai equity component at date of issuance Saat exercise



Cash Share Premium-Share warrant Share Capital Ordinary Share Premium-Ordinary



INGET! TRANSFER SHARE PREMIUN-SHARE WARRANT KE SHARE PREMIUM ORDINARY ILUSTRATION 16-8 



Rights to Subscribe to Additional Shares Ada preemptive privilege, sama aja sih nanti dikasih hak istimewa buat beli saham untuk mempertahankan proporsi kepemilikan. Reffered to as a share right, inituh biasanya short duration Perusahaan itu biasanya cuma bikin memorandu entru ketia dia nerbitin rights to existing



shareholder kaena have not yet issued shares nor received cash. Jika cash received sama kaya par value : (Cr) Share Capital-Ordinary senilai par Jika cash received > Par (Cr) Share Premium-Ordinary Jika cash received < Par (Dr) Share Premium-Ordinary



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Share Compensation Plans Untuk bayar dan motivasi employees. Warrant ini share option Terusss , A consensus of opinion is that effective compensation programs are ones that do the following: 1. Base compensation on employee and company performance. 2. Motivate employees to high levels of performance. 3. Help retain executives and allow for recruitment of new talent. 4. Maximize the employee’s after-tax benefit and minimize the employer’s after-tax cost. 5. Use performance criteria over which the employee has control. Straight cash-compensation plans orientasinya ke short run. Nah kalo long-term compensation plans itu untuk mengembangkan loyalty dengan



memberikan “a piece of the action” (Share-based compensation plans” Ada restricted shares The date when received options : grant date Adadua metode : 1. Intrinsic value method : menilai option yang akan diterima hari ini jika di exercised. The intrinsic value is the difference between the market price of the shares and the exercise price of the options at the grant date. 2. Fair value method : companies use acceptable option-pricing models to value the options at the date of grant. (Disarankan IASB) o Accounting for Share Compensation  Share-Option Plans Mencakup two main accounting issues : how to determine compensation expense, over what periods to allocate compensation expense.  Determining expense : Kalo pake fair value method perusahaan akan memperhitungkan berapa total compensation expense berdasarkan nilai pasar pada saat grant date menggunakan option pricing model. At date of No entry grant To record (Dr) Compensation expense compentsation (Cr) Share premium-share option expense Exercise (Dr) Cash (Dr) Share Premium-Share Options (Cr) Share Capital-Ordinary (Cr) Share preium-ordinary



Expiration date



Cash = Exercise price X Jumlah Options Share Premium-Share option = Persentase jumlah option X total compensation expense (Dr) Share Premium-share option (Cr) Share premium-expired shareoptions (Senilai berapa yang belum di exercise atau persentase jumlah options yang belum di exercise dikalikan dengan total compensation expense)



Total beban kompensasi itu tuh diukur pada saat date of grant, adjusmentnya tergantung dua hal  



Service condition Market condition ; kenaikan pada market price ordinary shares 



At date



Restricted share Keuntungan dari restricted share plan : Restricted shares never become completely worthless, Restricted shares generally result in less dilution to existing shareholders, Restricted shares better align the employee incentives with the companies’ incentives. grant (Dr) Unearned compensation (Cr) Share Capital-Ordinary (Cr) Share Premium-Ordinary Unearned Compensation represents the



cost of services yet to be performed, which is not an asset, dilaporkan di bagian equity di SOFP sebagai contra equity account (kaya treasury shares) (Dr) Compensation expense (Cr) Unearned compensation



Akhir peiode (adjustment) Kalo misal (Dr) Share Capital-Ordinary tidak (Dr) Share Premium-Ordinary diexercise (Cr) Compensation expense (Cr) Unearned compensation 



Employee share repurchase plans (ESPPs) Jadi kalo ini tuh mengizijkan employee nya buat beli shares pada dalam discounted price untuk short period of time tujuannya untuk mengamakan equity capital atau to induce widespread ownership of its ordinary shares among employees, menjadi kompensasi dan harus dicatatat sebagai expense Record issues (Dr) Cash shares in an (Cr) Compensation expense employee (Cr) Share Capital-ordinary share(Cr) Share premium-ordinary purchase plan 



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Disclosure 1. The nature and extent of share-based payment arrangements that existed during the period. 2. How the fair value of the goods and services received, or the fair value of the equity instruments granted during the period, was determined.



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3. The effect of share-based payment transactions on the company’s net income (loss) during the period and on its fi nancial position



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Weighted Average Outstanding



Number



of



Shares



COMPUTE EPS Digunakan untuk mengevaluasi profitability dari perusahaan. EPS tuh merepresentasikan income yang didapat setiap ordinary shares, makanya cuma buat ordinary shares. Rumus dasarnyas sebenarnya kaya biasa Cuma Net Income dibagi sama Weighted average of ordinary shares. Kalo misal ada kategori discountinued operations maka Net Income nya: Income from continuing operations dikurangi dengan loss from continued operations 



EPS-Simple Capital Structure (Basic earning EPS)  Preference Share Dividend Jadi kalo mial ada preference share dividend, harus nyari dulu income available to ordinary shares



Kalo misalkan ada preference share dividend dan net loss terjadi maka perushaan menambah preference dividend to the loss jadi bair bisa dihitung loss per share nya berapa Kalo misalkan preference dividendnya itu kumulatif (dividen in arrear) atau gaada dividen yang dibagikan tahun ini, maka harus tetep tau berapa sih yang dialokasikan buat dideklarasikan di tahun itu.



Share dividend and share split :kalo misalkan ada hal kaya gini,maka harus restate lahi share outstanding nya buat ngitung lagi weighted average number of shares.



adjusts the shares outstanding from January 1 to June 1 for the share dividend, so that it now states these shares on the same basis as shares issued subsequent to the share dividend. Sabrina does not restate shares issued after the share dividend because they are on the new basis. The share dividend simply restates existing shares. The same typeof treatment applies to a share split.



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EPS-Complex Capital Structure Kalo basic EPS tuh katanya gagal untuk merecognize the potential impact of a corporatis dilutive securities. Ngitung EPS Complex capital structure tuh kalo perusahaan punya convertible securities, options, warrant dll, nah nanti tuh dia harus ngelaporin baik basic and diluted EPS



Tapi sebagian sekuritas ada juga yang antidilutive.  Diluted EPS-Convertible Securities Diukur menggunakan “if-converted method” Assumsi : 1. the conversion of the convertible securities at the beginning of the period (or at the time of issuance of the security, ifissued during the period), and 2. the elimination of related interest, net of tax. Thus, the additional shares assumed issued increase the denominator—the weightedaverage number of shares outstanding. The amount of interest expense, net of tax, increase es the numerator—net income.



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The company uses net income as the numerator—it computes no tax effect because preference dividends generally are not tax-deductible.  Diluted EPS-Option and Warrants Menggunakan “treasury share method” if the exercise price of the option or warrant is lower than the market price of the shares, dilution occurs. An exercise price of the option or warrant higher than the market price of the shares reduces ordinary shares. In this case, the options or warrants are antidilutive because their assumed exercise leads to an increase in earnings per share  Contingently Issuable Share Bisa didefinisikan sebagai ordinary shares yang diterbitkan untuk sedikitbahkan tidak ada cash



Antidillution Revisited Terjadi ketika exercise price > market price dengan kata lain, sebuah sekuritas itu dikatakan antidilutive kalo kenaikan net income menyebabkan kenaikan ordinary share earning