Pinnacle West CEO's Compensation Falls 28 Percent

In 2008, Post received 3 percent more in stock options and restricted stock awards than he was given a year earlier. He received $2.2 million in stock and option awards.

Post's compensation declined as the company's profit shrunk during the year. For the full-year, the electricity and energy provider reported a profit of $242.1 million, compared with $307.1 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 Securities and Exchange Commission, which reflect the size of the accounting charge taken for the executive's compensation in the previous fiscal year.