I sold 35 calls on some of my SPY position on the 19th of nov Strike price of 139 (average price 135.28 for the long stock position) and was hoping to grab the dividend as well. It goes Ex-dividend on Dec 21 (Calls expire Jan 19 2013) Extrinsic value shows 62 cents. The dividend looks to be 79 cents. Correction, 88 cents dividend. Now it makes sense why extrinsic dropped faster than expected. So what do you think.