As far as the difference between the Jan 2013 and 2014, puts, the determining factor, far and away, was the price I could get for each, check it out. I'd much rather get .42 for 16.5 months than .09 or so (not so sure I could get .09, maybe) for 4.5 months. It also gives a much better opportunity to close out the position sometime during a spike in 2013; I don't believe there is too much chance for a meaningful spike before 2013. But if one does materialize, I can take advantage of it even with the 2014's.