The margin requirements for a protective put are as follows:  
  
Initial below $3.00/share: 100% of the stock + the cost of the put option  

Initial $3.00/share and above: 50% of the stock + the cost of the put option

Maintenance below $3.00/share and the put option is in the money: lesser of 10% of the strike price or 100% of the stock  

Maintenance below $3.00/share and the put option is out of the money: lesser of 10% of the strike price + 100% of the out of the money amount on the put or 100% of the stock  

Maintenance above $3.00/share and the put option is in the money: lesser of 10% of the strike price or 25% of the stock  

Maintenance above $3.00/share and the put option is out of the money: lesser of 10% of the strike price + 100% of the out of the money amount of the put option or 25% of the stock