Consider the Pfizer March 25 call option, with the stock price at $25.70. An investor who owned the call and wanted to own the common would be better off to sell the option at $1.15 and purchase the common for $25.70, for a net investment of $24.55. An immediate exercise of the call option would require the investor to pay $25 per share for shares of stock worth $25.70, but at a total cost of $26.15 per share once the forgone call premium is considered.