medium · Investment Banking accounting

If a company grants Restricted Stock Units (RSUs) instead of stock options, how does this change the calculation of Fully Diluted Shares Outstanding under the Treasury Stock Method?

  1. RSUs are treated like debt-like obligations and are subtracted directly from the share count total.
  2. RSUs are added directly to the share count without a repurchase offset because they have no exercise price.
  3. RSUs are excluded from the FDSO entirely until they become fully vested and are later converted into cash.
  4. The TSM instead uses the fair value of the RSU at the grant date as assumed 'proceeds' used to repurchase shares.

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