These options appear to be out of the money so I can't see the grantees reaching in to their pockets, putting cash into the company and exercising any time soon. This is phantom dilution unless rats are looking for a way off a sinking ship.
If you drill it down a level, the exercise of options will create more trading volume, which will enable Dutchess to convert more shares more quickly and, by extension, create some selling pressure.
The only way that the option holders will prosper is if, and only if, earnings outstrip dilution. That's good for shareholders as a whole. Just a baby step in that direction would be encouraging but the market won't reward a solitary quarter that isn't negative.
I wouldn't get my panties in a wad over this perceived dilution.
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