Employee stock option grants

[Graham Osborn]

Does anyone look at the structure of employee stock awards when trying to estimate dilution?  The obvious issue is for a company like GOOGL - or any tech company really - the size of stock awards could increase significantly if the stock does well in a year.  The analysis would be similar to a convertible preferred issue in some ways I'd imagine.  Appreciate any thoughts as I haven't seen the actual structure of the incentive plan often factored into this type of analysis although it seems relevant.