If you really want to own the stock why not sell the Feb 22 $10 put? You should get at least $0.90 cents for it and if not put the stock by Feb then the put expires worthless and you keep the $0.90 cents. Just another option to look at.
Yes, you have to own the stock. What he's saying is you have a good chance of making more in appreciation in the call price over what you would gain by owning out right the stock. The key is being convinced the calls in May are going to be higher than now. When sellers are offering what looks like a bargain might just be that the sellers are raging bears with the honey pot out.