Try last time (put the facts here so we are on the same page

Let's say portfolio has 100 existing APP shares.  

For APP March 07 ratio put spread:

sell 2 put 465 premium @20.8

buy 1 put 480 premium @27.7

If current price is 480, drop to 465 at expiration.

premium collected: 20.8x2-27.7 = $13.9 plus the spread earned $15, total $28.9 earned for a total of $2890.

If selling 2 put 465 only premium @20.8 

20.8x2=41.6, total $41.6 earned for a total of $4160.

$4160>$2890. Hence, selling puts earns more than the ratio put spread.