SB Dividend

Although SB has a dividend of 0.05 with an ex-dividend date of Mar 3, you can sell covered calls on Safe Bulkers, Inc ($0.001 par value) to create 12 extra dividend type payments per year to boost its yield. Let's look at some recent prices (last updated Mon 4:16 PM ET):

Safe Bulkers, Inc ($0.001 par value) (SB)
Bid	Ask	Last	Change	Volume	P/E	Market Cap
3.85	3.91	3.76	+0.03	524K	4.7	0.4B

SB Dividend-Like Income Using Covered Calls

With SB at 3.76, 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%	0.11	0.0
5%	0.19	0.1
10%	0.38	0.1

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 SB Using Covered Calls
Expiration	Strike	Call Bid	Days	Cents/Day	Upside Potential
Oct 17	5.00	0.15	236	0.1	1.09 (29.0%)
Jul 18	5.00	0.05	145	0.0	1.09 (29.0%)

5% Yield On SB Using Covered Calls
Expiration	Strike	Call Bid	Days	Cents/Day	Upside Potential
Oct 17	5.00	0.15	236	0.1	1.09 (29.0%)

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