{"id":19918,"date":"2021-08-19T03:35:13","date_gmt":"2021-08-19T03:35:13","guid":{"rendered":"https:\/\/analystprep.com\/study-notes\/?p=19918"},"modified":"2026-03-26T08:08:24","modified_gmt":"2026-03-26T08:08:24","slug":"issues-in-calculating-eps","status":"publish","type":"post","link":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/issues-in-calculating-eps\/","title":{"rendered":"Issues in Calculating EPS"},"content":{"rendered":"<p><script type=\"application\/ld+json\">\r\n{\r\n  \"@context\": \"https:\/\/schema.org\",\r\n  \"@type\": \"QAPage\",\r\n  \"mainEntity\": {\r\n    \"@type\": \"Question\",\r\n    \"name\": \"The P\/E ratio in 2021 is closest to what value?\",\r\n    \"text\": \"Given the following information:\\n\\nROE:\\n2018: 22.5%\\n2019: 23%\\n2020: 23%\\n2021: 25%\\n\\nBook value per share:\\n2018: $22.00\\n2019: $23.50\\n2020: $24.00\\n2021: $26.50\\n\\nShare price in 2021: $42.00\\n\\nThe P\/E ratio in 2021 is closest to:\\n\\nA. 6.34.\\n\\nB. 6.77.\\n\\nC. 7.66.\",\r\n    \"answerCount\": 1,\r\n    \"acceptedAnswer\": {\r\n      \"@type\": \"Answer\",\r\n      \"text\": \"The correct answer is B.\\n\\nFirst, compute normalized earnings per share (EPS) using the average ROE multiplied by the current book value per share.\\n\\nAverage ROE = (22.5% + 23% + 23% + 25%) \/ 4 = 23.38%.\\n\\nNormalized EPS = 23.38% \u00d7 26.50 \u2248 6.20.\\n\\nP\/E ratio = Price \/ EPS = 42.00 \/ 6.20 \u2248 6.77.\\n\\nTherefore, the P\/E ratio is closest to 6.77.\"\r\n    }\r\n  }\r\n}\r\n<\/script><\/p>\r\n<p><iframe loading=\"lazy\" src=\"\/\/www.youtube.com\/embed\/0kMmbenpFuo\" width=\"611\" height=\"343\" allowfullscreen=\"allowfullscreen\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><\/iframe><\/p>\r\n\r\n<p>Companies are required to disclose both basic EPS and diluted EPS. <em><strong>Basic EPS<\/strong><\/em> is the total earnings divided by the weighted average number of shares outstanding during the period. <em><strong>Diluted EPS<\/strong><\/em> reflects the effect of exercised stock options, warrants, and convertible bonds on EPS.\u00a0 Diluted EPS is preferred over basic EPS when comparing companies.<\/p>\r\n<p>Items that are expected not to recur in the future are removed from the earnings. This results in underlying earnings\/persistent earnings\/continuing earnings. Companies may disclose these adjusted earnings. However, this figure may not be comparable among companies because of the different bases of calculation. Analysts should therefore examine the calculation of this figure. The goal should be to compute persistent, continuing, and core earnings. The P\/E used in valuation should be calculated consistently among all stocks under review. Identifying non-recurring earnings requires analysis of the income statement, footnotes, and management discussion and analysis section. Examples of nonrecurring items include:<\/p>\r\n<ul>\r\n\t<li>Changes in accounting estimates.<\/li>\r\n\t<li>Gains\/losses from the sale of assets.<\/li>\r\n\t<li>Asset write-downs (impairments).<\/li>\r\n\t<li>Loss provisions.<\/li>\r\n<\/ul>\r\n<div style=\"text-align: center; margin: 25px 0;\"><a style=\"display: inline-flex; align-items: center; justify-content: center; padding: 10px 18px; border: 2px solid #1a73e8; border-radius: 999px; color: #1a73e8; text-decoration: none; font-weight: 500; background-color: #f5f9ff; white-space: nowrap;\" href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener\"> Practice EPS adjustments with a free trial <\/a><\/div>\r\n<h4>Example: Calculating Trailing P\/E Ratio Based on Underlying Earnings<\/h4>\r\n<p>Consider the following information:<\/p>\r\n<p>$$\\small{\\begin{array}{l|r}\\text{Reported EPS from the previous period} &amp; 5.5 \\\\ \\hline\\text{Restructuring charges} &amp; 0.15 \\\\ \\hline\\text{Amortization of intangibles} &amp; 0.24 \\\\ \\hline\\text{Impairment charge} &amp; 0.35 \\\\ \\hline\\text{Stock price} &amp; 30\\\\ \\end{array}}$$<\/p>\r\n<p>$$\\begin{align}\\text{P\u2044E based on reported earnings}&amp;= \\frac{30}{5.5}=5.45\\\\\u00a0<br \/>\r\n\\text{Rerported core earnings}&amp;=5.5+0.15+0.24+0.35=6.24\\\\ \\text{P\u2044E based on reported core earnings}&amp;=\\frac{30}{6.24}=4.81\\\\ \\text{Underlying earnings}&amp;=5.5+0.35=5.85\\\\<br \/>\r\n\\text{P\u2044E based on underlying earnings}&amp;= \\frac{30}{5.85}=5.31\\end{align}$$<\/p>\r\n<p>Transitory earnings can come from business\/industry cycle influences. These earnings are, however, expected to recur in subsequent cycles. P\/Es for cyclical companies are often volatile. Analysts address this by normalizing EPS \u2013 estimating the level of EPS under mid-cycle conditions. There are two methods of normalizing EPS:<\/p>\r\n<ol style=\"list-style-type: lower-roman;\">\r\n\t<li><em><strong>Historical average EPS:<\/strong> <\/em>This is where normalized EPS is calculated as the average EPS over the most recent full cycle.<\/li>\r\n\t<li><em><strong>The average return on equity:<\/strong> <\/em>This is where normalized EPS is calculated as the average return on equity (ROE) from the most recent full-cycle multiplied by the current book value per share.<\/li>\r\n<\/ol>\r\n<p>Analysts should also adjust EPS for differences in accounting methods between companies such as LIFO or FIFO.<\/p>\r\n<h4><span lang=\"EN-US\">Example: Normalized Earnings<\/span><\/h4>\r\n<p>Consider the following information:<\/p>\r\n<p>$$\\small{\\begin{array}{l|c|c|c|c}\\textbf{Year} &amp; \\textbf{2017} &amp; \\textbf{2018} &amp; \\textbf{2019} &amp; \\textbf{2020}\\\\ \\hline\\text{EPS} &amp; \\$5.80 &amp; \\$5.51 &amp; \\$7.61 &amp; \\$6.53 \\\\ \\hline\\text{BVPS} &amp; \\$25.00 &amp; \\$26.00 &amp; \\$26.00 &amp; \\$40.60 \\\\ \\hline\\text{ROE} &amp; 20\\% &amp; 20\\% &amp; 26\\% &amp; 15\\% \\\\ \\hline\\text{Stock Price} &amp; &amp; &amp; &amp; \\$25\\\\ \\end{array}}$$<\/p>\r\n<p>Method of historical average EPS:<\/p>\r\n<p>$$\\begin{align*}\\text{Average (normalized) EPS}&amp;= \\frac{(5.80+5.51+7.61+6.53)}{4}=\\$6.36\\\\ \\text{P\u2044E}&amp;= \\frac{\\$25}{\\$6.36}=3.93\\end{align*}$$<\/p>\r\n<p>Method of average ROE:<\/p>\r\n<p>$$\\begin{align*}\\text{Average ROE}&amp;= \\frac{(20\\%+20\\%+26\\%+15\\%)}{4}=20.25\\%\\\\ \\\\ \\text{Average normalized EPS}&amp;=\\text{Average ROE} \\times\\text{Current equity book value per share}\\\\&amp;=20.25\\% \u00d7\\$40.60=\\$8.22\\\\ \\\\ \\text{P\u2044E}&amp;=\\frac{\\$25}{\\$8.22}=3.04\\end{align*}$$<\/p>\r\n<blockquote>\r\n<h2>Question<\/h2>\r\n<p>Given the following information:<\/p>\r\n<p>$$\\small{\\begin{array}{l|l|l|l|l}&amp; \\textbf{2018} &amp; \\textbf{2019} &amp; \\textbf{2020} &amp; \\textbf{2021}\\\\ \\hline\\text{ROE} &amp; 22.5\\% &amp; 23\\% &amp; 23\\% &amp; 25\\% \\\\ \\hline\\text{Book value per share} &amp; $22.00 &amp; $23.50 &amp; $24.00 &amp; $26.50 \\\\ \\hline\\text{Share price} &amp; &amp; &amp; &amp; $42.00\\\\ \\end{array}}$$<\/p>\r\n<p>The P\/E ratio in 2021 is <em>closest to:<\/em><\/p>\r\n<ol style=\"list-style-type: upper-alpha;\">\r\n\t<li>6.34.<\/li>\r\n\t<li>6.77.<\/li>\r\n\t<li>7.66.<\/li>\r\n<\/ol>\r\n<h4>Solution<\/h4>\r\n<p><strong>The correct answer is B.<\/strong><\/p>\r\n<p>$$\\begin{align*}\\text{Normalized EPS}&amp;=\\text{Average ROE} \\\\ &amp; \\times\\text{Current equity book value per share}\\\\ \\\\ \\text{Average ROE}&amp;= \\frac{(22.5\\%+23\\%+23\\%+25\\%)}{4}=23.38\\%\\\\ \\\\ \\text{Normalized EPS}&amp;=23.38\\%\\times26.50=\\$6.20\\\\ \\\\ \\text{P\u2044E}&amp;=\\frac{\\$42.00}{\\$6.20}=6.77\\end{align*}$$<\/p>\r\n<\/blockquote>\r\n<p>Reading 25: Market-Based Valuation: Price and Enterprise Value Multiples<\/p>\r\n<p><em>LOS 25 (e) Calculate and interpret underlying earnings, explain methods of normalizing earnings per share (EPS), and calculate normalized EPS.<\/em><\/p>\r\n\r\n<div style=\"text-align: center; margin: 40px 0;\"><a style=\"display: inline-flex; align-items: center; justify-content: center; padding: 12px 20px; border-radius: 999px; background-color: #1a73e8; color: #ffffff; text-decoration: none; font-weight: 600;\" href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener\"> Start Free Trial \u2192 <\/a>\r\n<p style=\"font-size: 15px; margin-top: 12px; color: #555;\">Learn how to identify and adjust for nonrecurring items such as asset sales, impairments, and accounting changes to estimate sustainable earnings and calculate accurate valuation multiples in CFA Level II equity analysis.<\/p>\r\n<\/div>","protected":false},"excerpt":{"rendered":"<p>\ufeff\ufeff Companies are required to disclose both basic EPS and diluted EPS. Basic EPS is the total earnings divided by the weighted average number of shares outstanding during the period. Diluted EPS reflects the effect of exercised stock options, warrants,&#8230;<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[102,401],"tags":[216,402,479,474],"class_list":["post-19918","post","type-post","status-publish","format-standard","hentry","category-cfa-level-2","category-equity-valuation","tag-cfa-level-2","tag-equity-valuation","tag-issues-in-calculating-eps","tag-reading-29-market-based-valuation","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Issues in Calculating EPS and Earnings Adjustments<\/title>\n<meta name=\"description\" content=\"Learn key issues in calculating EPS, including normalized earnings, diluted EPS, and how adjustments impact financial analysis.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/issues-in-calculating-eps\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Issues in Calculating EPS and Earnings Adjustments\" \/>\n<meta property=\"og:description\" content=\"Learn key issues in calculating EPS, including normalized earnings, diluted EPS, and how adjustments impact financial analysis.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/issues-in-calculating-eps\/\" \/>\n<meta property=\"og:site_name\" content=\"CFA, FRM, and Actuarial Exams Study Notes\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-19T03:35:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-03-26T08:08:24+00:00\" \/>\n<meta name=\"author\" content=\"Irene R\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Irene R\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/cfa-level-2\\\/issues-in-calculating-eps\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/cfa-level-2\\\/issues-in-calculating-eps\\\/\"},\"author\":{\"name\":\"Irene R\",\"@id\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/#\\\/schema\\\/person\\\/7002f30d8f174958802c1c30b167eaf5\"},\"headline\":\"Issues in Calculating EPS\",\"datePublished\":\"2021-08-19T03:35:13+00:00\",\"dateModified\":\"2026-03-26T08:08:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/cfa-level-2\\\/issues-in-calculating-eps\\\/\"},\"wordCount\":661,\"keywords\":[\"CFA-level-2\",\"Equity Valuation\",\"Issues in Calculating EPS\",\"Reading 29: Market-Based Valuation\"],\"articleSection\":[\"CFA Level II Study Notes\",\"Equity Valuation\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/cfa-level-2\\\/issues-in-calculating-eps\\\/\",\"url\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/cfa-level-2\\\/issues-in-calculating-eps\\\/\",\"name\":\"Issues in Calculating EPS and Earnings Adjustments\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/#website\"},\"datePublished\":\"2021-08-19T03:35:13+00:00\",\"dateModified\":\"2026-03-26T08:08:24+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/#\\\/schema\\\/person\\\/7002f30d8f174958802c1c30b167eaf5\"},\"description\":\"Learn key issues in calculating EPS, including normalized earnings, diluted EPS, and how adjustments impact financial analysis.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/cfa-level-2\\\/issues-in-calculating-eps\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/cfa-level-2\\\/issues-in-calculating-eps\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/cfa-level-2\\\/issues-in-calculating-eps\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Issues in Calculating EPS\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/#website\",\"url\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/\",\"name\":\"CFA, FRM, and Actuarial Exams Study Notes\",\"description\":\"Question Bank and Study Notes for the CFA, FRM, and Actuarial exams\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/#\\\/schema\\\/person\\\/7002f30d8f174958802c1c30b167eaf5\",\"name\":\"Irene R\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/33caf1e1bcb63ee970b36351f165c7bc714b19614993ab9c2c8bf36273b7df48?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/33caf1e1bcb63ee970b36351f165c7bc714b19614993ab9c2c8bf36273b7df48?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/33caf1e1bcb63ee970b36351f165c7bc714b19614993ab9c2c8bf36273b7df48?s=96&d=mm&r=g\",\"caption\":\"Irene R\"},\"url\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/author\\\/irene\\\/\"}]}<\/script>\n<meta property=\"og:video\" content=\"https:\/\/www.youtube.com\/embed\/0kMmbenpFuo\" \/>\n<meta property=\"og:video:type\" content=\"text\/html\" \/>\n<meta property=\"og:video:duration\" content=\"3761\" \/>\n<meta property=\"og:video:width\" content=\"480\" \/>\n<meta property=\"og:video:height\" content=\"270\" \/>\n<meta property=\"ya:ovs:adult\" content=\"false\" \/>\n<meta property=\"ya:ovs:upload_date\" content=\"2021-08-19T03:35:13+00:00\" \/>\n<meta property=\"ya:ovs:allow_embed\" content=\"true\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Issues in Calculating EPS and Earnings Adjustments","description":"Learn key issues in calculating EPS, including normalized earnings, diluted EPS, and how adjustments impact financial analysis.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/issues-in-calculating-eps\/","og_locale":"en_US","og_type":"article","og_title":"Issues in Calculating EPS and Earnings Adjustments","og_description":"Learn key issues in calculating EPS, including normalized earnings, diluted EPS, and how adjustments impact financial analysis.","og_url":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/issues-in-calculating-eps\/","og_site_name":"CFA, FRM, and Actuarial Exams Study Notes","article_published_time":"2021-08-19T03:35:13+00:00","article_modified_time":"2026-03-26T08:08:24+00:00","author":"Irene R","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Irene R","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/issues-in-calculating-eps\/#article","isPartOf":{"@id":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/issues-in-calculating-eps\/"},"author":{"name":"Irene R","@id":"https:\/\/analystprep.com\/study-notes\/#\/schema\/person\/7002f30d8f174958802c1c30b167eaf5"},"headline":"Issues in Calculating EPS","datePublished":"2021-08-19T03:35:13+00:00","dateModified":"2026-03-26T08:08:24+00:00","mainEntityOfPage":{"@id":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/issues-in-calculating-eps\/"},"wordCount":661,"keywords":["CFA-level-2","Equity Valuation","Issues in Calculating EPS","Reading 29: Market-Based Valuation"],"articleSection":["CFA Level II Study Notes","Equity Valuation"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/issues-in-calculating-eps\/","url":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/issues-in-calculating-eps\/","name":"Issues in Calculating EPS and Earnings Adjustments","isPartOf":{"@id":"https:\/\/analystprep.com\/study-notes\/#website"},"datePublished":"2021-08-19T03:35:13+00:00","dateModified":"2026-03-26T08:08:24+00:00","author":{"@id":"https:\/\/analystprep.com\/study-notes\/#\/schema\/person\/7002f30d8f174958802c1c30b167eaf5"},"description":"Learn key issues in calculating EPS, including normalized earnings, diluted EPS, and how adjustments impact financial analysis.","breadcrumb":{"@id":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/issues-in-calculating-eps\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/analystprep.com\/study-notes\/cfa-level-2\/issues-in-calculating-eps\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/issues-in-calculating-eps\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/analystprep.com\/study-notes\/"},{"@type":"ListItem","position":2,"name":"Issues in Calculating EPS"}]},{"@type":"WebSite","@id":"https:\/\/analystprep.com\/study-notes\/#website","url":"https:\/\/analystprep.com\/study-notes\/","name":"CFA, FRM, and Actuarial Exams Study Notes","description":"Question Bank and Study Notes for the CFA, FRM, and Actuarial exams","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/analystprep.com\/study-notes\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/analystprep.com\/study-notes\/#\/schema\/person\/7002f30d8f174958802c1c30b167eaf5","name":"Irene R","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/33caf1e1bcb63ee970b36351f165c7bc714b19614993ab9c2c8bf36273b7df48?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/33caf1e1bcb63ee970b36351f165c7bc714b19614993ab9c2c8bf36273b7df48?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/33caf1e1bcb63ee970b36351f165c7bc714b19614993ab9c2c8bf36273b7df48?s=96&d=mm&r=g","caption":"Irene R"},"url":"https:\/\/analystprep.com\/study-notes\/author\/irene\/"}]},"og_video":"https:\/\/www.youtube.com\/embed\/0kMmbenpFuo","og_video_type":"text\/html","og_video_duration":"3761","og_video_width":"480","og_video_height":"270","ya_ovs_adult":"false","ya_ovs_upload_date":"2021-08-19T03:35:13+00:00","ya_ovs_allow_embed":"true"},"_links":{"self":[{"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/posts\/19918","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/comments?post=19918"}],"version-history":[{"count":35,"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/posts\/19918\/revisions"}],"predecessor-version":[{"id":42933,"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/posts\/19918\/revisions\/42933"}],"wp:attachment":[{"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/media?parent=19918"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/categories?post=19918"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/tags?post=19918"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}