Windstream CEO Compensation Rises 51 Percent

The Associated Press's formula 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.

Windstream's earnings fell 55 percent in 2008 to $412.7 million in 2008. Sales slipped 3 percent to $3.17 billion.

In the SEC filing, Windstream said its board decided to freeze top executives' salary, incentive payments and stock-based compensation for 2009 at 2008 levels. It also said it would cut perks, including country club memberships and financial planning, in response to the U.S. economic downturn.