Dover Corp. CEO Livingston Earns $3.1M In 2008

Hoffman, 60, also received a performance bonus of $632,952, and $5,520 in matching contributions to his 401(k) plan.

In addition, he received stock options valued at $2.2 million when they were awarded.

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.

Dover earned $590.8 million, or $3.12 per share, in 2008, down from $661.1 million, or $3.26 per share, in 2007. Earnings from continuing operations totaled $694.8 million, or $3.67 per share, up from $669.8 million, or $3.30 per share, in 2007. Sales rose to $7.57 billion from $7.32 billion.