Option Millionaires

[The Weaver]

New to the whole options game. I have some July 2012 40C of SODA that I bought for .80.

It spiked over my strike price of 40.80 today but I didn't exercise because I didn't really know what would happen. I was under the assumption that I had to wait until expiration to exercise.

If I were to exercise early, what would the fees that I am paying? For all intents and purposes lets say I have 1 option. In my thinking I would have been up about $4k had I exercised above the strike. Is this correct?