When it wraps around, the text returns to the left margin. If you have a limited amount of text, the text will be centered next to the graphic. If you have more text than can fit next to the graphic, the text will surround the graphic and then return to the left margin. Image options help you have additional control over the placement of your text. If you have a limited amount of text, the text will be centered next to the graphic.
All additional lines appear underneath the graphic.
With alignment set as TOP, the first line of text is next to the top of the graphic. All additional lines appear underneath the graphic. All additional lines appear underneath the graphic.