Include the options at a later point in time (i.e. higher SP), only makes the MC jump by that much more at the time given the multiplication factor of the higher SP.
So, if you are calculating MC from higher SP without necessarily including options that will obviously be converted, then you are essentially underquoting the MC. Which could also be construed as attempting to give the impression that the MC is presently too low and by deduction, the SP. Which could be further interpreted as an attempt to drive an atmosphere of purchasing hype, in order to increase SP.
There is no guarantee future contracts will be coming, irrespective of the in-all-probability-likelihood of those contracts indeed being signed.
Are you also discounting MF's issued (yes, escrowed) 37.5M shares? I would consider a stronger case for not including these over the in-the-money options.
IAM Price at posting:
8.0¢ Sentiment: Hold Disclosure: Held
