I think the 156 million share number as of Nov 2 gives a hint to the number of shares to be used. XIN has always tried to be conservative with their estimates...and in fact they give $30-$33 million for net income estimates...not per share estimates. I believe they will met or beat their estimate. How much they beat the estimate doesn't matter much to me...because they are selling out a large number of projects. What they don't make in Q3...they will made in Q4.
In the long run, whether XIN will trade at a P/E of 1.8 end of Q3 or P/E of 1.9 end of Q3 doesn't make much difference. Stock flippers will pump or bash whatever earnings turn out to be....but long term holders will make the big bucks.
And if all those options are granted....XIN's performance will be fantastic...almost by definition.