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+Chapter 25: LEAPS 
+FIGURE 25-3. 
+LEAPS call pricing curve as dividends increase. 
+30 
+25 
+(I) 
+.g 20 
+0.. 
+C: 
+:g_ 15 
+0 
+10 
+5 
+0 
+70 80 90 100 
+Stock Price 
+With 
+Current 
+Dividend 
+110 
+373 
+Dividend 
+)> Increases 
+$1 
+T Increases 
+$2 
+120 
+The actual amount that the LEAPS calls lose in price increases slightly as the 
+call is more in-the-money. That is, the curves are closer together on the left-hand 
+(out-of-the-money) side than they are on the right-hand (in-the-money) side. For the 
+in-the-money call, a $1 increase in dividends over two years can cause the LEAPS to 
+be worth about 1 ½ points less in value. 
+Figure 25-3 is to the same scale as Figure 25-2, so they can be compared direct­
+ly in terms of magnitude. Notice that the effect of a $1 increase in dividends on the 
+LEAPS call prices is much smaller than that of an increase in interest rates by 3%. 
+Graphically speaking, one can observe this by noting that the spaces between the 
+three curves in the previous figure are much wider than the spaces between the three 
+curves in this figure. 
+Finally, note that dividend increases have the opposite effect on puts. That is, 
+an increase in the dividend payout of the underlying common will cause a put to 
+increase in price. If the put is a long-term LEAPS put, then the effect of the increase 
+will be even larger. 
+Lest one think that LEAPS are too difficult to price objectively, note the follow­
+ing. The prior figures of interest rate and dividend effects tend to magnify the effects 
+on LEAPS prices for two reasons. First, they depict the effects on 2-year LEAPS. That 
+is a large amount of life for LEAPS. Many LEAPS have less life remaining, so the 
+effects would be diminished somewhat for LEAPS with 10 to 23 months of life left.