I assume the dilutive affects of the options that would be included in this number would be for those already issued and outstanding and to a lessor extent those are expected to be issued at a future point in time. I know how to calculate the dilutive EPS on a GAAP basis but I imagine there is a lot more subjectivity when estimating dilution in a DCF which has many contingent assumptions. I also would speculate that there would be a decent amount of dilution for options already issued given the amount of dilution would be determined by the difference by the strike price vs. the current value (or possibly projected value) of the stock and ARIAD has seen significant appreciation.
I think one could figure these numbers out with in a degree of reasonbleness by looking at the filings to see what is outstanding and at what strike prices. However, Im not so interested in determining the magnitude of this analysts error as Im not relying on her report. However I can say that is there is an error in this analysts dilutive projection its somethign less than 18%.
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