I exercised my first option yesterday. I had been long a JAN11 (MET) 12.50/30 call spread since March 09' and the BxA has been so wide that you can't close out the spread without giving up a lot of edge. I've had an order in at the middle for weeks and it never gets filled. So instead of leaving profit on the table when it's more than $10 ITM, I decided to get long the stock and receive the .75 dividend coming. Date of record is in late October. I now have an ITM covered call. My hope is that I get exercised in October because the person holding the long 30 strike will want the dividend. If this happens then I get out at 100% of the possible profit about 2.5 months before Jan OPEX. If I don't get exercised, then I pick up .75 on 1500 shares. If I can close out at that time for .75 or less then in effect I got the max spread as well.