Just to be clear, they didn't "let" options expire. They were out of the money at the expiration date, so they died a natural death. They didn't take advantage of options at .46, the BOD awarded them. They have no cost until they are exercised, then they usually do a net sale transaction where they take the difference between the exercise price and the pps at the date of exercise. I hope they make a ton of money on these new options and the sooner the better.