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Monday, March 20, 2017 8:34:56 AM
When options are exercised (i.e., turned into actual shares at the strike price), there is income tax due on the value of the shares acquired in that manner. It is common for insiders to sell a portion of the shares they acquired that way to pay for the income tax withheld. That's what's happening here.
The interesting thing here is not the sale of the shares, as that's standard operating procedure. What's interesting is that DOC, and others, have exercised some options long before they expire. Now, there's only one reason you would do that: you believe the value of the shares is going to appreciate substantially and well before expiration. Exercising early has beneficial tax effects if shares increase in value well beyond the strike price (what we and DOC would hope will happen!). Exercising early turns gains that would have been taxed at higher ordinary income tax rates to being taxed at lower capital gains tax rates. ONLY if you were HIGHLY CONFIDENT in the appreciation of share value well before expiration would you take this action. This is VERY POSITIVE news for shareholders.
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