While there are technically a larger number of FD shares, many are at exercise levels that I seriously hope we reach, including the 28.7 million warrants with exercise prices from 2.95 to 4.25, and a million or so options at exercise prices above $3.

Of course the data we have is pretty old, and I'm not sure how many of the "cheap" options are management's that they are not going to exercise in favor of getting their snouts in the award trough.