Pastore Inc. granted options for 1 million shares of its $1 par common stock at the beginning of the current year. The exercise price is $29 per share, which was also the market value of the stock on the grant date. The fair value of the options was estimated at $7.00 per option.

What would be the total compensation indicated by these options?

$7.0 million. $51.0 million. $29.0 million. $22.0 million.