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To: Dennis R. Duke who wrote (110735)3/22/1999 2:54:00 PM
From: Michael Bakunin  Respond to of 176387
 
Go back to the 10K and look at the section where they talk about the stock repurchase plan. You'll see the information I copied for my original post outlining their options positions as of Feb 98. There's no breakdown, but assuming they held their "average" positions for the last year, the numbers add up. No "cash" gain need be declared because they don't sell the options -- they exercise the calls as part of their repurchase program to get a discount to current prices.