Empirical studies suggest that the best way to maximize value out of stock options is to excercise right before maturity. However you're in a commodity driven business that is cyclical and right now at yet another high water mark. Ask yourself whether or not China will continue to grow at 10% per year after the Olympics and after they stop subsidizing gasoline for retail sale to their population.
Also if you're in debt and getting in deeper, excercising now might be a good choice and you'll still have 60% of your options to capture some potential upside for the remainder of their maturity.
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