Southwest CEO gets compensation of $1.6M in '09 San Luis Obispo Tribune
The executive saw the value of his perks fall 24 percent to $58,344. Perks for Kelly last year included company contributions to his 401(k) plan and a profit sharing plan, insurance payments, medical and dental reimbursements for Kelly and his family and travel benefits.
The value of travel benefits is based on the average passenger fare for all Southwest flights during the year and assumes that the executive took the place of a paying passenger who otherwise would have used the seat.
Kelly also received above-market earnings on deferred compensation in 2009 of $6,347.
The other airlines posting profits last year were JetBlue Airways and AirTran. The president and CEO of JetBlue saw his total compensation package jump 67 percent in 2009, while AirTran also raised the compensation package of its top executive by 30 percent, according to an AP analysis.
The Associated Press 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.
Opens June 26 in Los Angeles, San Diego, Santa Cruz, Calif., and Washington; July 10 in Hartford, Conn.; July 20 in Waterville, Maine; July 24 in Rhinebeck, NY, and San Luis Obispo, Calif.; Aug. 6 in Boston; and Aug. 7 in Newburyport, Mass.,
Santa Maria TimesServices on chopping blockIn Santa Barbara County, there are 7300 Healthy Families program members who could lose their coverage, according to CenCal Health, which administers publicly funded health-care plans in Santa Barbara and San Luis Obispo counties.
