Continuation -- Citigroup Inc. Covered Calls

Upon May2013 options expiration, the $49.00 call options expired.  Today, the covered calls position was re-established at the $48.00 strike price by selling 7 Jun2014 $48.00 call options.  As detailed below, this investment will provide an overall +1.9% absolute return in 89 days (which is equivalent to a +7.9% annualized return) if the stock closes at or above the $48.00 strike price at options expiration on June 20th.
The details of the associated transactions and a potential return-on-investment result are as follows:

1. Citigroup Inc. (C)
The transactions are as follows:

3/24/2014 Sold 7 Apr2014 $49.00 Puts @ $.89

Note: The price of Citi was $50.03 when this transaction was executed.
4/19/2014 Seven Citigroup Put options expired
Note: The price of Citi was $48.22 upon Apr2014 options expiration
4/22/2014 Sold 7 Citigroup May2014 $49.00 call options at $.62 to establish a covered calls position
Note: The price of Citi was $48.28 when these Call options were sold
5/01/2014 Ex-dividend $7.00 = ($.01*700 shares)
5/16/2014 Seven Citigroup Call options expired
5/22/2014 Sold 7 Citigroup Jun2014 $48.00 Call options at $.49
Note: the price of Citi was $47.10 when these Calls were sold

Two possible overall performance results (including commissions) would be as follows:

100% Cash-Secured Cost Basis: $34,300.00
= $49.00*700

Net Profit:

(a) Options Income: +$1,357.40

= ($.89 + $.62+$.49)*700 shares - 3*$14.20 commissions

(b) Dividend Income: +$7.00

(c) Capital Appreciation (If C remains unchanged at current price of $47.10 upon Jun2014 expiration): -$1,330.00

= ($47.10-$49.00)*700 shares; OR
(c) Capital Appreciation (If C closes above the $48.00 strike price at Jun2014 options expiration): -$700.00
= ($48.00-$49.00)*700 shares

Total Net Profit (If Citi remains unchanged at current $47.10 price upon Jun2014 expiration): +$34.40 

= (+$1,357.40 +$7.00 -$1,330.00); OR 

Total Net Profit (If Citi is above $48.00 strike price at Jun2014 options expiration): +$664.40 

= (+$1,357.40 +$7.00 -$700.00)

1.  If Citi remains unchanged at current $47.10 stock price upon Jun2014 options expiration:
Absolute Return: +0.1%
= +$34.40/$34,300.00
Equivalent Annualized Return: +0.4%
= (+$34.40/$34,300.00)*(365/89 days); OR

2. If Citi closes above $48.00 strike price upon Jun2014 options expiration:
Absolute Return: +1.9%
= +$664.40/$34,300.00
Equivalent Annualized Return: +7.9%
= (+$664.40/$34,300.00)*(365/89 days)