This morning I BTC 2 ALSK Jun08 12.50 Covered Calls and STO 2 ALSK Oct08 12.50 Covered Calls for a net deposit of $91.01 in an IRA account.  My basis is now $14.70 after including option premiums received.

ALSK will go ex-dividend on 6/26/08 and I did not want to have it called away so somebody could catch the dividend.  So, I rolled these Calls out.  ALSK pays a dividend of .215 which translates to 6.82% at current valuations.  I noticed in my tax statements that part of the dividend is actually a return of capital which is not taxable.

I own 1100 shares of ALSK in various accounts and still have 4 GGC 15 Oct08 Put contracts outstanding.  I have rolled the Puts out at least once and may attempt to do it again unless they have previously been assigned to me.