问一道CFA1关于计算EPS的题

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Bluff, Inc.’s stock transactions during the year were as follows:

• January     1                          90,000     common shares outstanding.
  
• April 1                                   20% stock dividend is declared and issued.
  
• October 1                             10,000 shares are reacquired as treasury stock.
  

What is Bluff’s weighted average number of shares outstandingduring the year?
A. 98,000.
B. 101,000.
C. 105,500.


答案：

Initial shares: 90,000 × 1.20 =	108,000
– Reacquired treasury shares: 10,000 × 3/12 =	–2,500
	105,500

那个Initial share为啥要乘以1.2呢？求解。。

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关键词：cfa1 CFA EPS FA1 Transactions declared average number common during

cus u "paid" a stock dividend, which is not really a cash payment, but rather increases your stock outstanding by 20%. and the rule is if u issue stock dividends during a year, then the outstanding after stock dividends should be dated back to the beginning of the year. (also ignore the original standing before) so effectively, for weighted average, u count the "split" stock outstanding for a whole year, and the buyback for a quarter.
in short, deal with a stock dividend same way as a split, and a stock dividend is totally different from a dividend (of a stock).

stock dividend 20%