Hi, Today with NLY at 18.05 put on a trade with Jan 2013 long 17.5C for .95 and short Aug11 18C for .35. So .40 time premium on 16 month option, and .30 time preminum on 1 month option ???!!! That is why put it on. There is great expertise on this board, can you help me understand why this and some other high div stocks have very cheap CALL LEAPS? The Puts are not as cheap. My theory is that because of the high div, the normal premium is reduced by the div amount to keep the Call in line with owning the stock, and on 15 month that is a lot of dividends that are removed from the LEAP Call, but 1 month out less so. Thus seems to make using LEAPS with Cal sprds a way to capture the divs without owning the stock, reducing risk and multiplying yield. Am I crazy?