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Why do we adjust for stock dividend before its distribution, not after ... for the EPS calculation?

Why do we adjust for stock dividend before its distribution, not after ... for the EPS calculation?

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EPS refers to earnings available to equity shareholders. These are the earnings after tax of the business which are available to the shareholders after taxes have been paid and before appropriations. Hence stock dividend is paid out from after tax income. But EPS is computed after taxes but before any dividend is paid out.

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