Splendid! 
( Splendid ! )
(ROOT (S (VP (VBN Splendid)) (. !)))
The speaker is excited by the situation.
( ( The speaker ) ( ( is ( excited ( by ( the situation ) ) ) ) . ) )
(ROOT (S (NP (DT The) (NN speaker)) (VP (VBZ is) (ADJP (JJ excited) (PP (IN by) (NP (DT the) (NN situation))))) (. .)))