Pepco Holdings Executive Gets $4.3M Pay Package

Wraase's package includes other compensation of $351,849, much of related it to stock awarded to Wraase. Wraase received $190,641 for the market value of shares that Wraase received under the stock award cycle of 2006 to 2008 had the shares been issued to Jan. 1, 2006. He also received dividends of $85,235 on unvested shares of restricted stock he holds.

Wraase got a pay package valued at $4.5 million in 2007.

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 SEC, which reflect the size of the accounting charge taken for the executive's compensation in the previous fiscal year.

Pepco Holdings earned $393 million, or $1.93 per share, in 2008 compared with $296 million, or $1.53 per share, in 2007. Discounting charges, Pepco Holdings made $300 million, or $1.47 per share, in 2008 compared with $334 million, or $1.72 pre share, in 2007.