AvalonBay CEO Gets $6 Million In 2008 Compensation

ALEXANDRIA, Va. (AP) — The chief executive and chairman of AvalonBay Communities Inc. received compensation the company valued at just over $6 million in 2008, with much of that coming in grants of stock options and restricted stock, according to an Associated Press analysis of data filed with regulators.

Bryce Blair received a salary of $816,060 and a performance-based bonus of $991,003, according to documents filed with the Securities and Exchange Commission on Wednesday.

Blair, 50, received other compensation of $213,753, including $123,976 in dividends paid on unvested shares of restricted stock and $58,509 in life insurance premium payments.

The company's CEO also received stock options and restricted stock valued at $4,019,545 when they were granted.

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.