Here is one further point to condider:

While true, the number of options and warrants outstanding do not add to a company's mkt cap, they do add to the FD shares outstanding and must be paid for if exercised.
I think it's fair to say that if they're exercised the cash that's added to Treasury will add value to the company's market cap.
So, Yes the number of outstanding shares will increase but the cash in the company rises enhancing the company's value.