Where do you find this information so quickly and how many shares did he exercise options on?
When you go to the Contango website you read about their being 16 million outstanding shares and "1 million shares reserved for exercise of options." I take it that each time one of these exercises happen, a part of the 1 million shares of reserved stock is being drawn down and the actual count of outstanding shares is increased; am I reading the tea leaves correctly on that?
No. Options are already counted in the shares outstanding, even if they're not exercised, as long as the stock price is above the exercise price of the options. So exercising options doesn't increase the share count.
I take it from your response then that the 1 million shares "reserved for exercise of options" are tied to the convertible preferred shares, or are you saying there are 1 million shares with exercise prices above the current market price?