For a while we could put on a conversion for a credit. The down side would be the cost to carry the position for the term of the position. Then about the time the market started to move hard to the downside the market makers did not want to give us credits to put on the position so we got use to doing bullets. However, once we got the bullet software, it made getting bullets so easy, people rarely get conversions now so I do not know if you can frequently get credits or not. Bullets at my firm at 3 cents a share no minimum. But I am sure you used lots of bullets you could get a better rate.