Compuware CEO Karmanos sees compensation dip 29 percent in 2009 to $4.2 million: AP tally
By APFriday, June 5, 2009
AP: Compuware CEO Karmanos compensation dips
NEW YORK — Mainframe software maker Compuware Corp.’s chief executive, Peter Karmanos Jr., was awarded compensation for fiscal 2009 valued at $4.2 million, down 29 percent from a year earlier, according to an Association Press calculation.
Karmanos, 66, received a salary of $1.2 million, up from $1.05 million a year earlier. But he was not given a bonus or non-equity incentive plan compensation — a total drop of $3.4 million in those categories.
Other compensation, for such things as security for his home, rose to $205,078 from $169,177.
He also received stock options and restricted stock awards valued at $2.8 million at the time they were granted, up from $1.2 million a year earlier.
The Associated Press compensation formula is designed to isolate the value the company’s board placed on the executive’s total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.
The calculations don’t include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission, which reflect the size of the accounting charge taken for the executive’s compensation in the previous fiscal year.
For the fiscal year to March 31, Detroit-based Compuware earned $139.6 million, or 55 cents per share, compared with a profit of $134.4 million, or 47 cents per share, a year earlier. Compuware had fewer outstanding shares in the latest fiscal year, which boosted per-share results.
Revenue fell 11 percent to $1.09 billion from $1.23 billion.
Its shares fell 10 percent over the fiscal year, to $6.59 on March 31, down from $7.34 at the end of March 2008.
