To compare the Jan 2013 $15 call which has a premium of 31 cents for 205 days to expiry,the Dec 2012 $15 call has a premium of only 11 cents for 177 days to expiry.(I took the mid price between bid and ask for both).Those two different options are on two different stocks.The December one is a LUK option (strike price applies to cost of one Leucadia National share)The January one is a LUK2 option (strike price applies to cost of one LUK2 right which is .81 Leucadia National share)So you can't compare them directly.If you do the proper adjustments you'll find they still have substantiallydifferent time premiums, but that's because they have very differentstrike prices relative to the end result of a LUK share.But it's the normal variation--a call option on IBM with strike $200 won't have the same time premium as one with a strike at $160.Jim
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