AL Dividend

Although AL has a dividend of 0.22 with an ex-dividend date of Jun 4, you can sell covered calls on Air Lease Corporation Class A to create 12 extra dividend type payments per year to boost its yield. Let's look at some recent prices (last updated Tue 10:40 AM ET):

Air Lease Corporation Class A (AL)
Bid	Ask	Last	Change	Volume	P/E	Market Cap
56.69	56.84	56.76	+1.29	291K	10	6.2B

AL Dividend-Like Income Using Covered Calls

With AL at 56.76, here's a table showing how big the annual "dividend" (i.e. total annual call premium received) would need to be to attain 3%, 5%, and 10% annual yields. Also shown is the equivalent number of cents/day necessary to achieve each yield:

Annual Yield	Annual Premium	Cents/Day
3%	1.70	0.5
5%	2.84	0.8
10%	5.68	1.6

So now we need to find out of the money covered calls that pay at least the prescribed cents/day amount of time premium. That will generate income and, because they are out of the money, leave room for some upside potential on the stock. Here are some examples:

3% Yield On AL Using Covered Calls
Expiration	Strike	Call Bid	Days	Cents/Day	Upside Potential
Aug 15	60.00	2.30	95	2.4	3.16 (5.6%)
Jun 20	60.00	0.70	39	1.8	3.16 (5.6%)

5% Yield On AL Using Covered Calls
Expiration	Strike	Call Bid	Days	Cents/Day	Upside Potential
Aug 15	60.00	2.30	95	2.4	3.16 (5.6%)
Jun 20	60.00	0.70	39	1.8	3.16 (5.6%)

10% Yield On AL Using Covered Calls
Expiration	Strike	Call Bid	Days	Cents/Day	Upside Potential
Aug 15	60.00	2.30	95	2.4	3.16 (5.6%)
Jun 20	60.00	0.70	39	1.8	3.16 (5.6%)

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