CEO Of Vulcan Materials Loses Bonus In Recession

The Associated Press' compensation formula aims 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 2008, Vulcan reported its net income fell to $228.6 million, or $2.06 per share, from $450.9 million, or $4.54 per share, in 2007. Earnings from continuing operations in 2008 totaled $231 million, or $2.08 per share. Total revenue rose to $3.65 billion, from $3.33 billion, in 2007.