YES had granted 45,000 stock options (put options) to some of its executives, and each option gave the holder the right to sell to YES, one share at the option price of $37 per share. None of these options have yet been exercised throughout 2019. The average market price of the common shares of YES during 2019 was $20. Using the reverse treasury stock method (i.e., cash out/cash in), what is the impact on the number of shares that should be used in calculating diluted earnings per share for 2019?

a.

20,676 shares.

b.

16,650 shares.

c.

38,250 shares.

d.

The number of shares cannot be determined with the information given.

e.

None of the above.