3. Under its stock option plan, X Corporation granted options on January 1, 2018, that permit executives to purchase 15 million of the companys $1 par common shares within the next eight years, but not before December 31, 2020 (the vesting date). The exercise price is the market price of the date of grant, $18 per share. The fair value of the options, estimated by an appropriate option pricing model, is $4 per option. No forfeitures are anticipated. The options are exercised on April 2, 2021, when the market price is $21 per share. By what amount will Xs shareholders equity be increased when the options are exercised?

a. $315 million

b. $60 million

c. $330 million

d. $270 million