Early Assignment of Covered Calls Position in Genuine Parts Company

This morning I was notified that the two Genuine Parts Company (ticker GPC) March 15th, 2024 $140.00 Call options were exercised yesterday.  Because the Genuine Parts stock price increased from $143.41 when this position was established to $150.75 at yesterday's market close, the original $1.24 time value in the Calls when the position was established had declined on yesterday's market close to $0.00, so the owner of these Genuine Parts Calls exercised their option to buy the 200 shares at the $140.00 strike price in order to receive today's $1.00 per share ex-dividend.  I am pleased for this early assignment despite losing the opportunity to capture the dividend since the +40.5% annualized-return-on-investment (aroi) achieved by early assignment is greater than the +25.5% aroi that might have been achieved if this position was instead assigned on its March 15th options expiration date.   

The post when this Genuine Parts Covered Calls position was originally established is here.  As detailed below, the return-on-investment result for this Genuine Parts Company Covered Calls position was +0.9% absolute return in 8 days (equivalent to a +40.5% annualized return-on-investment).

Genuine Parts Company (GPC) -- Covered Calls Position Closed Out by Early Assignment
The buy/write transaction was:
2/21/2024 Bought 200 Genuine Parts Company shares @ $143.41.
2/21/2024 Sold 2 GPC 3/15/2024 $140.00 Call options @ $4.65 per share.
2/29/2024 Genuine Parts Company Call options owner exercised their two Call options, so the Covered Calls position was closed out early. The two GPC Call options expired worthless and the 200 Genuine Parts shares were sold at the $140.00 strike price.

The overall performance results (including commissions) for this Genuine Parts Company Covered Calls position are as follows:
Covered Calls Net Investment: $27,753.34
= ($143.41 - $4.65) * 200 shares + $1.34 commission

Net Profit Components:
(a) Options Income: +$928.66
= ($4.65 * 200 shares) - $1.34 commission
(b) Dividend Income (Genuine Parts Call options exercised early on February 28th, 2024, the last business day prior to the Feb. 29th ex-div date): +$0.00

(c) Capital Appreciation (GPC's Call options assigned early on Feb. 28th): -$682.00

+($140.00 - $143.41) * 200 shares

Total Net Profit [GPC Call options exercised early (business day prior to the Feb. 29th ex-dividend date)]: +$246.66

= (+$928.66 options income +$0.00 dividend income -$682.00 capital appreciation)

Absolute Return-on-Investment: +0.9%

= +$246.66/$27,753.34

Annualized Return-on-Investment: +40.5%

= (+$246.66/$27,753.34) * (365/8 days)