People pitch these as beginner option strategies and less risky, but when done over a long period of time there is substantial risk of the stock going down but you only having limited upside. They are a lot riskier than many other option strategies out there.
The Apr16 options might be an alternative. You could buy BOFI shares and sell covered calls and naked puts for a combined premium of close to $39. Very juicy if you believe the company is not a fraud.