Does anyone know whether options are taken into account when...

Does anyone know whether options are taken into account when calculating a company's market cap?

Aside from the obvious cashing in and taking a profit, I was just wondering if another reason for the early excercise of Dec 2004 and Dec 2006 options might be to help bump up the market cap a million or so if the inclusion of HDR in the ASX100 was getting to be borderline.