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training_data/curated/text/06c33fd19b8d44493a5e4e5d37e8a321eb1d33c8f02c6e30bd30e87a609b65cb.txt

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+Oapter 2: Covered Call Writing 
+TABLE 2-4. 
+Return if exercised-cash account. 
+Stock sale proceeds (500 shares at 45) 
+Less stock sale commissions 
+Plus dividends earned until expiration 
+Less net investment 
+Net profit if exercised 
+Return if exercised $2,290 = 11 2o/c 
+$20,380 . 
+0 
+TABLE 2-5. 
+Return if unchanged-cash account. 
+Unchanged stock value (500 shares at 43) 
+Plus dividends 
+Less net investment 
+Profit if unchanged 
+Return if unchanged $1,620 = 7.9'¼ 
+$20,380 ° 
++ 
+$22,500 
+330 
+500 
+- 20,380 
+$ 2,290 
+$21,500 
++ 500 
+- 20,380 
+$ 1,620 
+49 
+return if unchanged - also called the static return and sometimes incorrectly referred 
+to as the "expected return." Again, one first calculates the profit and then calculates 
+the return by dividing the profit by the net investment. An important point should be 
+made here: There is no stock sale commission included in Table 2-5. This is the most 
+common way of calculating the return if unchanged; it is done this way because in a 
+majority of cases, one would continue to hold the stock if it were unchanged and 
+would write another call option against the same stock. Recall again, though, that if 
+the written call is in-the-rrwney, the return if unchanged is the same as the return if 
+exercised. Stock sale commissions must therefore be included in that case. 
+Once the necessary returns have been computed and the writer has a feeling for 
+how much money he could make in the covered write, he next computes the exact 
+downside break-even point to determine what kind of downside protection the writ­
+ten call provides (Table 2-6). The total return concept of covered writing necessitates 
+viewing both potential income and downside protection as important criteria for 
+selecting a writing position. If the stock were held to expiration and the $500 in div­
+idends received, the writer would break even at a price of 39.8. Again, a stock sale 
+commission is not generally included in the break-even point computation, because