About option expiration:
Options officially expire on the Saturday following the third Friday of the expiration month. But, in practice, that means the option expires on the third Friday, since your broker is unlikely to be available on Saturday and all the exchanges are closed. The broker-to-broker settlements are actually done on Saturday.
Unlike shares of stock, which have a three-day settlement period, options settle the next day. In order to settle on the expiration date (Saturday), you have to exercise or trade the option by the end of the day on Friday.
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Of course, if you exercise a call option before COB Friday, then you own the stock and any AH changes in the stock will be reflected in what you own. Likewise, if you are assigned a put which you had sold.
Some people make it a point to close out any calls they had written if the option price is within a few cents of the target level. This way, if there is an after hours surge, there is no way the other side can claim that they exercised the call on your shares on time (which can easily happen).
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