Options provide the right to buy a stock at a given exercise price. If the stock price is at the exercise price or higher, then they are in-the-money. If the stock price is at the exercise price or higher, then they are out-the-money.
If the options are in-the-money, then using the treasury stock method, the optionholders will exercise their options and new shares shall be created, which will increase equity value.
The cash received from the option exercise will be used to buy back shares, but overall, equity will still be up since the share buyback will be less than the new shares created. This is because the strike price is less than the stock price.
For example, if there are 10 options with an exercise price is $6, and the stock price is $10, then 10 shares will be created, and 6 shares (6*10/10) will be bought back. This results in a net increase of 4 shares or $40 of additional equity value (4*10).
Out-of-the-money options have no impact on enterprise value.