Because at the time my opinion was the stock was too expensive. So I sold puts at a strike price that I felt was fair value.
I do not like having cash just sitting around on the sidelines, especially with the crappy interest rates. So when I want to acquire a position in equity at a predetermined max price point I then go and sell puts.
But in the meantime I did collect a nice return.
Spreads are also nice if you want to buy at a predefined minimum price but want to protect your self from any black swan events. So you can predetermine your max loss as well.
I like planning ahead, putting it all on paper and then executing my positions.
Options are a great tool, Sad that so many people fail to make use of them.