On Friday (7/25/08), I sold 53 FBR Jan09 2.50 Covered Calls for a net deposit of $1245.25 in my taxable account and 4 IRA accounts.  My basis for FBR ranges from 8.40 to 9.26 per share including option premiums but excluding dividends received.

As you can see, I am way underwater on FBR.  It is shaping up to be my biggest loss ever.

My last FBR calls expired in Jun08.  I held off selling new calls to now because I wanted to wait after the conference call last week.  In the prior conference call FBR executives said they would be evaluating restarting the dividends during the quarter just ended.  Since there was no dividend announcement I decided to go ahead and sell the covered calls.  Right now the only next covered call available is for Jan10.  I presume the Jan09 calls will expire worthless but will need to see how the financial winds are blowing before I decide what to do after that.