SUMMARY COMPENSATION TABLE
The following table sets forth the compensation paid or accrued by the Company to the
Company’s Chief Executive Officer and to each of the two most highly compensated executive officers
of the Company for services rendered to the Company during the two fiscal years ended December 31,
2009:
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Non-Equity |
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Option |
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Incentive Plan |
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All Other |
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| Name and Principle Position |
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Period |
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Salary (1) |
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Awards (2) |
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Compensation (3) |
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Compensation |
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Total |
Mark C. Layton |
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2009 |
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$ |
567,299 |
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$ |
29,150 |
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$ |
— |
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$ |
33,352 |
(4) |
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$ |
629,801 |
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Chairman,
President, Chief |
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2008 |
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589,621 |
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26,082 |
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125,000 |
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41,468 |
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782,171 |
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Executive Officer |
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Michael C. Willoughby |
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2009 |
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$ |
344,392 |
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$ |
29,150 |
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$ |
— |
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$ |
21,325 |
(5) |
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$ |
394,867 |
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Executive Vice
President — |
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2008 |
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355,384 |
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26,082 |
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125,000 |
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24,445 |
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530,911 |
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Chief Information
Officer |
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Thomas J. Madden |
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2009 |
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$ |
320,679 |
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$ |
29,150 |
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$ |
— |
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$ |
34,304 |
(6) |
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$ |
384,133 |
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Executive Vice
President — |
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2008 |
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331,724 |
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26,082 |
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125,000 |
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33,756 |
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516,562 |
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Chief Financial
Officer |
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| (1) |
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Salary represents base salary earnings |
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| (2) |
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Options granted have a ten year term and generally vest quarterly over three years of
continuous service after the date of grant. The amounts reported in this column represent
the aggregate grant date fair value for stock options granted in each respective year, as
calculated under ASC Topic 718. The assumptions made in calculating the grant date fair
value amounts for these stock options are summarized in Note 5 to the Company’s
consolidated financial statements included in its Annual Report on Form 10-K for the year
ended December 31, 2009. The amounts in this column do not necessarily correspond to the
actual economic value that may be realized by the Named Executive Officers from the
options. |
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| (3) |
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Represents performance based cash awards paid under the Company’s 2005 Employee Stock
and Incentive Plan. |
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| (4) |
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Represents Other Compensation of $10,644 and Perquisites of $22,708. Other Compensation
represents life insurance premiums paid by the Company for the benefit of the Named
Executive Officer. Perquisites represent the sum of personal use of automobile expenses,
club dues and memberships and income tax preparation. |
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| (5) |
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Represents Other Compensation of $2,484 and Perquisites of $18,841. Other Compensation
represents the life insurance premiums paid by the Company for the benefit of the Named
Executive Officer. Perquisites represent the sum of personal use of automobile expenses. |
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| (6) |
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Represents Other Compensation of $2,539 and Perquisites of $31,765. Other Compensation
represents the life insurance premiums paid by the Company for the benefit of the Named
Executive Officer. Perquisites represent the sum of personal use of automobile expenses
and club dues and memberships. |
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