The 2012 performance of Jacksonville public companies did not translate into big financial gains for those companies' CEOs. However, many of those chief executives were rewarded for their companies' long-term performance.
A look at the annual reports and proxy statements of 20 local companies shows that the total compensation packages of their CEOs grew by 31 percent in the last fiscal year, largely because of long-term incentive plan payouts rather than short-term incentives.
The chart (inside, Page 4) shows the CEO compensation packages for 18 local companies that have publicly traded stock, plus two companies that have publicly traded debt securities and continue to file annual reports with the Securities and Exchange Commission, Interline Brands Inc. and Florida East Coast Holdings Corp.
Stein Mart Inc., which has delayed filing its SEC reports while it deals with some accounting issues, is not included in the chart.
The chart shows their base salaries for fiscal 2012, which in most cases didn't change much from 2011; bonuses and incentives, which consists of other cash payments awarded for various reasons; and the total compensation, which includes the salary and other cash payments, plus non-cash payments such as the estimated value of stock options or other stock awards.
The chart also shows the percentage change in the total compensation package from 2011 to 2012.
While the chart lumps bonuses and incentives together, only five of the CEOs received bonuses, which generally are tied to the executive's or the company's short-term performance.
Meanwhile, 10 of the executives received payments under the category of non-equity incentive plan compensation, which usually refers to payments made for meeting certain goals over a longer time period.
Hugh Harris of Lender Processing Services Inc. was the only CEO to receive both a bonus and a non-equity incentive payment. His bonus was a "retention incentive" after he joined the company in 2011, according to the LPS proxy statement.
The biggest increase in pay was for Michael Grebe of Interline Brands, who received compensation related to the company's buyout by two private equity firms in 2012.
If Grebe's pay is excluded, the total compensation of the other Jacksonville CEOs still grew by a total of 16 percent last year.
The only other CEO who more than doubled his pay was Jeffrey Parker of ParkerVision Inc., whose compensation grew based on the value of stock and stock options awards.
Robert Clements of EverBank Financial Corp. nearly doubled his pay, as he received stock options after the company's initial public offering last year.
A survey of CEO pay at 270 large corporations released last week by consulting firm Towers Watson found that total compensation of those chief executives rose by only 1.2 percent last year, due largely to a decline in annual bonuses.
Bonuses at the large companies dropped by 16 percent in 2012, but long-term incentive payments rose by 5.6 percent, Towers Watson said. The firm said the survey shows that companies and their boards of directors took a "conservative approach" to pay packages last year.
However, CEOs aren't getting much sympathy. The AFL-CIO last week released its annual survey of executive pay and said CEOs of the largest U.S. companies made 354 times the average salary of rank-and-file workers. It said CEOs were making 42 times the pay of rank-and-file workers 30 years ago.
"This new data confirms CEO-to-worker pay disparities have increased dramatically over the past several decades," the federation of trade unions said.
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| Company | CEO | Salary | Bonus & incentives | Total compensation | Change from 2011 |
| Amer. Restaurant Concepts | Michael Rosenberger | $150,000 | $0 | $150,000 | 50% |
| Atlantic Coast Financial | G. Thomas Frankland | $300,000 | $0 | $300,487 | -6% |
| Body Central | B. Allen Weinstein* | $450,000 | $0 | $1,542,698 | -17% |
| CSX | Michael Ward | $1,100,000 | $792,000 | $8,090,122 | -6% |
| EverBank Financial | Robert Clements | $720,000 | $1,360,800 | $3,001,913 | 96% |
| Fidelity National Financial | George Scanlon | $693,141 | $2,220,000 | $6,739,875 | -22% |
| Fidelity National Information | Frank Martire | $1,000,000 | $3,949,636 | $12,662,094 | 14% |
| Florida East Coast Holdings | James Hertwig | $400,000 | $600,000 | $1,206,809 | 92% |
| Fortegra Financial | Richard Kahlbaugh | $500,000 | $0 | $731,063 | 14% |
| Global Axcess | Kevin Reager** | $77,019 | $0 | $102,019 | NM |
| Interline Brands | Michael Grebe | $647,500 | $622,199 | $11,239,902 | 416% |
| International Baler | Roger Griffin | $130,000 | $150,000 | $280,000 | 27% |
| Jacksonville Bancorp | Stephen Green*** | $162,500 | $0 | $167,405 | NM |
| Landstar System | Henry Gerkens | $500,000 | $1,565,107 | $2,159,263 | -18% |
| Lender Processing Services | Hugh Harris | $880,000 | $2,544,300 | $9,163,996 | 54% |
| ParkerVision | Jeffrey Parker | $325,000 | $90,000 | $2,757,666 | 169% |
| Patriot Transportation | Thompson Baker | $395,000 | $359,055 | $780,381 | 30% |
| Rayonier | Paul Boynton | $700,000 | $1,075,000 | $5,703,372 | 62% |
| Regency Centers | Martin Stein | $720,000 | $1,162,800 | $4,208,316 | 15% |
| Web.com Group | David Brown | $560,000 | $784,000 | $3,344,427 | 7% |
* retired Aug. 16
** appointed CEO on Aug. 20
*** joined company in June
NM - not measurable