wdnering,

Warrants are just like options, with just a couple of differences which I do not believe are relevant for this discussion (with warrants, if they are exercised, new shares are issued, also, warrants may have call provisions, of which I did not see any with the Feb 2016's). So, if warrant expiry is an issue, and there are no other later expiring warrants available to be acquired, you buy the option that best suits your needs at that time. It would be like replacing the Jan 2014's with the Jan 2015's, then 2016's, until the sweet or bitter end!