MGIC CEO Compensation Fell 38 Pct In 2008

His 2008 compensation also included stock options and restricted stock valued at more than $2.68 million when they were awarded in February 2008. That was 46 percent less than the amount Culver received in 2007.

Culver also received other compensation of $6,100 in 2008, including items such as club dues and expenses and company contributions to retirement accounts.

The Associated Press formula is designed to isolate the value the company's board placed on the executives 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 executives compensation in the previous fiscal year.