Early Assignment of Covered Calls Position in Marathon Petroleum Corporation

I was notified by Schwab early this morning that the two Marathon Petroleum Corporation (ticker MPC) November 29th, 2024 Call options were exercised yesterday.  Because the Marathon Petroleum stock price increased from $154.87 when this position was established to $158.80 at yesterday's market close, the original $1.54 time value in the Calls when the position was established had declined on yesterday's market close to $0.00.  So, with nine days remaining until the November 29th options expiration date, the owner of these Calls exercised their option to buy the 200 shares at the $150.00 strike price in order to receive today's $.91 per share ex-dividend.  Although I will not receive todays' ex-dividend, I am pleased with the +53.9% annualized-return-on-investment (aroi) result achieved today by early assignment since it exceeds the maximum +37.6% aroi that might have been achieved if this position instead remained in-the-money and would therefore be assigned on its November 29th, 2024 options expiration date.   

The post when this Marathon Petroleum Corp. Covered Calls position was originally established is here.  As detailed below, the return-on-investment result for this MPC Covered Calls position was +1.0% absolute return in 7 days (equivalent to a +53.9% annualized return-on-investment).

Marathon Petroleum Corp. (MPC) -- Covered Calls Position Closed by Early Assignment

The buy/write transaction was:
11/13/2024 Bought 200 Marathon Petroleum Corp. shares @ $154.87
11/13/2024 Sold 2 MPC 11/29/2024 $150.00 Call options @ $6.41 per share
Note: Two Marathon Petroleum Calls were exercised on the day prior to their November 20th, 2024 ex-dividend date, so the Calls expired and the 200 MPC shares were sold at the $150.00 strike price.

The overall performance results (including commissions) for this Covered Calls position are as follows:
Covered Call Net Investment: $29,693.34
= ($154.87 - $6.41) * 200 shares + $1.34 commission

Net Profit Components:
(a) Options Income: +$1,280.66
= ($6.41 * 200 shares) - $1.34 commission
(b) Dividend Income (MPC Cal options exercised early on Nov. 19th, the last business day prior to the November 20th ex-div date): +$0.00
(c) Capital Appreciation: -$974.00
+($150.00 strike price - $154.87 stock price) * 200 shares

Total Net Profit: +$306.66

= (+$1,280.66 options income +$0.00 dividend income -$974.00 capital appreciation)

Absolute Return-on-Investment: +1.0%

= +$306.66/$29,693.34

Annualized Return-on-Investment: +53.9%

= (+$306.66/$29,693.34) * (365/7 days)