Tom, you let yourself be confused by Yahoo's stupid reporting on options. He didn't own 110K shares. He had options on 110K shares. He exercised his options (a buy at a discounted price) and then sold the shares on the same day. He needed to come up with the exercise price, $2.79 M, plus the taxes on the discount, perhaps 40 to 45%. Let's call it 45%, meaning $1.08 M in taxes. He "took home" $1.32 M. Better than I did that day, but only 1/4 what yahoo misled you into reading. Just barely more than the tax man got.