On 11/24/09, I purchased 200 shares of BMY at a net $25, including costs.  I then sold 2 BMY Jan10 26 Covered Calls for a net deposit of $46.49 in an IRA account.  My basis for these BMY shares is 24.77.

I just wrote about 2 BMY 21 Dec09 Covered Calls being called away.  I decided that I would like to continue to own BMY for the dividends and option premiums.  I could have sold calls further out and at a higher strike price but decided I would sell the closer month and perhaps roll out if necessary.  Even if these are called away early, I would still profit about 1.23 per share in less than two months.