Investors have long been given, up front, fully diluted earnings, which are what profits per share would be if all options were exercised.

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By contrast, compensation for the group fell last year, when few executives exercised options at relatively depressed share prices.

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The blue line shows the number of shares which would be outstanding if all in-the-money options and warrants were exercised at the given share price.

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Plus, many of these options will probably never be exercised due to Cisco's boom-time share price.

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