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training_data/curated/text/c0a582b24e92e8d17c775754f1f56a062e7aef441f8a1a73d3c06cc8827fc573.txt

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+EXHIBIT 11.1 Bed Bath & Beyond January–February 57.50 calendar.
+The only point on the diagram that is drawn with definitive accuracy is
+the maximum loss to the downside at expiration of the January call. The
+maximum loss if Bed Bath & Beyond falls low enough is 0.80—the debit
+paid for the spread. If Bed Bath & Beyond is below $57.50 at January
+expiration, the January 57.50 call expires worthless, and the February 57.50
+call may or may not have residual value. If Bed Bath & Beyond declines
+enough, the February 57.50 call can lose all of its value, even with residual
+time until expiration. If the stock falls enough, the entire 0.80 debit would
+be a loss.
+If Bed Bath & Beyond is above $57.50 at January expiration, the January
+57.50 call will be trading at parity. It will be a negative-100-delta option,
+imitating short stock. If Bed Bath & Beyond is trading high enough, the
+February 57.50 call will become a positive-100-delta option trading at
+parity plus the interest calculated on the strike. The February deep-in-the-
+money option would imitate long stock. At a 2 percent interest rate, interest
+on the 57.50 strike is about 0.17. Therefore, Richard would essentially have
+a short stock position from $57.50 from the January 57.50 call and would
+be essentially long stock from $57.50 plus 0.28 from the February call. The
+maximum loss to the upside is about 0.63 (0.80 − 0.17).
+The maximum loss if Bed Bath & Beyond is trading over $57.50 at
+expiration is only an estimate that assumes there is no time value and that