ISX charting, page-872

So...if we get to a point where options are worth converting (60c+ at this point)...there'll be an increase in market cap with no benefit to head holders? ie some dilution which could lower the SP to accommodate extra shares while keeping MC equilibrium? I assume oppies aren't already factored into HC MC calculation.

Correct me if I'm wrong... but is it better in theory (all else being equal) for the regular shareholders that we don't reach a point where options are converted?