Early Assignment of Covered Calls Position in Taiwan Semiconductor Manufacturing Company Ltd.

This morning I was notified that the two Taiwan Semiconductor Manufacturing Company Ltd. (ticker TSM) December 22nd, 2023 $93.00 Call options were exercised yesterday which is the last business day prior to Taiwan Semi's ex-dividend date.  The original $.87 time value in the Calls when the position was established had declined on yesterday's market close to $0.00 and the owner of these Taiwan Semi Calls exercised their option to buy the 200 shares at the $93.00 strike price in order to receive today's $.4724 per share ex-dividend.  I am pleased for this early assignment despite losing the opportunity to capture the dividend since the +34.2% annualized-return-on-investment (aroi) achieved by early assignment is greater than the +29.4% aroi that might have been achieved if this position was instead assigned on its Dec. 22nd, 2023 options expiration date.   

The post when this Taiwan Semi Covered Calls position was originally established is here.  As detailed below, the return-on-investment result for this Taiwan Semiconductor Manufacturing Company Ltd. Covered Calls position was +0.9% absolute return in 10 days (equivalent to a +34.2% annualized return-on-investment).  

Taiwan Semiconductor Manufacturing Company Ltd. (TSM) -- Covered Calls Position Closed by Early Assignment
The simultaneous buy/write transactions was as follows:
12/4/2023 Bought 200 shares of Taiwan Semiconductor stock @ $96.23 per share 
12/4/2023 Sold 2 Taiwan Semi December 22nd, 2023 $93.00 Call options @ $4.10 per share
12/14/2023 Taiwan Semi Call options owner exercised their two Call options, so the Covered Calls position was closed out early. The two TSM Call options expired worthless and the 200 shares were sold at the $93.00 strike price.

The overall performance results (including commissions) are as follows:
Covered Calls Cost Basis: $18,427.34
= ($96.23 - $4.10) * 200 shares + $1.34 commission

Net Profit Components:
(a) Options Income: +$818.66
= ($4.10 * 200 shares) - $1.34 commission
(b) Dividend Income (Taiwan Semi stock assigned on the Dec. 14th ex-dividend date): $0.00
(c) Capital Appreciation: -$646.00
= ($93.00 - $96.23) * 200 shares

Net Profit: +$172.66
= (+$818.66 options income +$0.00 dividend income - $646.00 capital appreciation)

Absolute Return-on-Investment: +0.9%
= +$172.66/$18,427.34
Equivalent Annualized Return-on-Investment: +34.2%
= (+$172.66/$18,427.34) * (365/10 days)