The big jump in AEO share price is a worst case scenario. I’ll get $15/share for the 800 shares covering the CALL contract which is $1.00/share less than I’ll need to cover 8 = $16 PUT contracts.

If I don’t have $800 cash on hand (I have $287 surplus from past premiums) I’ll either have to deposit enough cash or just sell 7 $16 PUT contracts. I’ll just drop back to 7 contracts.