Glorieux - Just wondering if the reason he would exercise these options now would be because he would like to own the shares long-term and excercising the options the difference between the current stock price and the strike price of the option would be taxed at ordinary income? Am I right on this? You would only excerise an option before it is due to save the taxes if you knew GNH was never going below that price level again? Otherwise an option is better to hold because there is no downside risk?