Thanks OPC,

We approached the calculations similarly, but we differ in the way we define cost and profit. When I purchase call options the strike price is not added at the time of the purchase. For example, the cost of a 2014 $3 strike is $0.37/shr and a 2014 $5 strike is $0.22/shr (the further out of the money you go, the cheaper they get). The last actual purchase of MNKD 2014 $5 options from my Fidelity account (1/17/2012 &1/25/2012) are 150 contracts (15,000 shrs) for a total cost of $4,132.09, which include brokerage costs, or $0.28/shr avg.

We calculate the profit similarly again but with this difference: Profit = ($25 - strike price) * Shares Purchased.

I had a similar formatting problem and forced the format ... the content is still the important matter.

Thanks again for starting this blog where we can openly accomplish investment decisions.

Best Regards,