Q4 Dividend is a 2012 event
Very simple answer for you. If you own the dec calls.. its simple.. The very latest you should sell is 1 day BEFORE EX DIVIDEND. So if the exdividend is dec 18 and calls expire on the 22nd.. obviously you dump all your calls on the 17th. Unless u want to own the stock anyways you can excercise the calls and hold the shares for the dividend. BUt keep in mind the stock falls by the dividend amount on the ex day anyways. + or - any day change.