Early Assignment of IBM Corp. Covered Calls

This morning the Covered Calls Advisor was notified by Schwab that the two IBM Corporation November 20th, 2020 $110.00 Call options were exercised early on November 6th, the last business day prior to Monday's (October 9th) ex-dividend date. There was $.00 time value [$4.04 midpoint of $3.85/$4.20 bid/ask range - ($114.04 stock price - $110.00 strike price)] remaining in the Call options, so the owner of the Calls exercised their right to buy the 200 shares of IBM at the $110.00 strike price and capture Monday's $1.63 ex-dividend.  

As detailed below, a +1.6% absolute return in 18 days (equivalent to a +33.0% annualized return-on-investment) was achieved for this position.  There was a total net profit of $352.00 since the full $1,032.00 income (profit) received from selling the options exceeded the $680.00 net loss in the stock price.

IBM Corp. (IBM) -- Covered Calls Position Closed by Early Assignment
The buy/write transaction was:
10/22/2020 Bought 200 IBM shares @ $113.40
10/22/2020 Sold 2 IBM 11/20/2020 $110.00 Call options @ $5.16
Note: the Time Value (aka Extrinsic Value) in the Call options was $1.76 per share = [$5.16 Call options premium - ($113.40 stock price - $110.00 strike price)]
11/06/2020 Early Exercise of two IBM 11/20/2020 $110.00 Call options, so 200 shares of IBM were assigned (sold) at the $110.00 strike price.

The overall performance results (including commissions) for this IBM Covered Calls position were as follows: 
Covered Calls Cost Basis: $21,649.34
= ($113.40 - $5.16) * 200 shares + $1.34 commission

Net Profit Components:
(a) Options Income: +$1,032.00
= ($5.16 * 200 shares)
(b) Dividend Income (Two IBM Call options exercised early on Nov 6th, the business day prior to the Nov 9th ex-div date): +$0.00
(c) Capital Appreciation (IBM Call options assigned early on Nov 6th): $680.00
=($110.00 - $113.40) * 200 shares

 Total Net Profit [Two Call options exercised on Nov 6th (business day prior to Nov 9th ex-dividend date)]: +$352.00

= (+$1,032.00 options income +$0.00 dividend income -$680.00 capital appreciation); or

 Absolute Return (Two IBM Call options exercised early on Nov 6th): +1.6%

= +$352.00/$21,649.34

Annualized Return (Two IBM Call options exercised early): +33.0%

= (+$352.00/$21,649.34)*(365/18 days)