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+EXHIBIT 11.3 Bed Bath & Beyond January–February 57.50 call calendar.
+A small and steady rise in the stock price with enough time to collect
+theta is the recipe for success in this trade. As time passes, delta will flatten
+out if Bed Bath & Beyond is still right at-the-money. The delta of the
+January call that Richard is short will move closer to exactly −0.50. The
+February call delta moves toward exactly +0.50.
+Gamma and theta will both rise if Bed Bath & Beyond stays around the
+strike. As expiration approaches, there is greater risk if there is movement
+and greater reward if there is not.
+Vega is positive because the long-term option with the higher vega is the
+long leg of the spread. When trading calendars for income, implied
+volatility (IV) must be considered as a possible threat. Because it is
+Richard’s objective to profit from Bed Bath & Beyond being at $57.50 at
+expiration, he will try to avoid vega risk by checking that the implied
+volatility of the February call is in the lower third of the 12-month range.
+He will also determine if there are any impending events that could cause
+IV to change. The less likely IV is to drop, the better.
+If there is an increase in IV, that may benefit the profitability of the trade.
+But a rise in IV is not really a desired outcome for two reasons. First, a rise
+in IV is often more pronounced in the front month than in the months
+farther out. If this happens, Richard can lose more on the short call than he
+makes on the long call. Second, a rise in IV can indicate anxiety and
+therefore a greater possibility for movement in the underlying stock.
+Richard doesn’t want IV to rock the boat. “Buy low, stay low” is his credo.
+Rho is positive also. A rise in interest rates benefits the position because
+the long-term call is helped by the rise more than the short call is hurt. With