Bonus accruals under this bonus plan, which are based on a percentage of pre-tax profits as defined in the plan, increased by $14,710,000 and $22,037,000, respectively, for the three and nine month 2012 periods as compared to the same periods in 2011.
[$13.4m for Q3, $43.3m for the nine-month period]
Meanwhile, check out the stock performance over a one-year, two-year and five-year period. Pretty frustrating to see these big "performance" bonuses when the market is clearly indicating that management has not performed.
i totally agree. when i was at the annual meeting when cummings said he was going to retire to help his kids set up another luk. i was thinking how to steinberg and wheeler feel about that? retire to sort of compete? last year their salary was high also with long term stock awards. how does that make sense if cummings is only going to be on for 2 more years? i am in the stock because i think it is pretty cheap and i like their businesses but it is feeling like heads they win tails we lose.
yes I agree. it is fine to make big performance bonuses so long as there have been big performance. Ive not seen big performance in a long while though (and Ive been waiting patiently for 4+ years (meanwhile watching other equities climb handsomely during that time:(