David, the share ownership and options are spelled out in gory detail in the filing. I will leave it as an exercise for anyone interested to add up the "true" number. Everyone should note that earnings must grow at a rapid clip just to keep dilution from reducing the EPS as more shares enter the equation. Ooops, I forgot, EPS, PE, and PS are no longer important in the "new market". So I guess it is really not important.
For what it is worth, ALL of the outstanding options are currently in the money. They were issued at 85% of market price at time of issue, so all are well below $50, most in the 30's or lower. If the stock price drops, they probably would reprice the options. Any time an option is issued, investors should promptly assume that those options will soon show up in the total share count, they almost always do. When options can be repriced down as the price drops, to me that contradicts the term "incentive" and makes the options nothing but a pay bonus at stockholder expense. |
