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The Minneapolis investment bank did not pay Duff a bonus this a move that lowered his total compensatiobn by morethan $1.2 million. Pipet (NYSE: PJC) reported in its proxyy statement that it did not pay Duff a bonus becausde the company did not post anadjusted pre-tax operatinyg income in 2008. Duff also received far less in stock-award compensatiomn last year. In he received nearly $491,990 in stock awards, down from abouty $1.2 million in the priorf year. Option-award compensation also dropped sharplgto $54,847, down from $630,170 in 2007. Minneapolis-bases Piper paid Duff a salaryuof $400,000 in 2008, up from $396,667 in the priod year.
The amount of “otherf compensation,” a category that covers paymentsa such as parking stipends and matching funds, remained roughly flat year-over-year. In Duff earned $585,470 in other compensation, up slightlu from $585,200 in the prior In 2008, Piper Jaffray reported a lossof $183 or $11.55 per share, down from a profity of $21.9 million, or $1.2q per share, in the previouxs year. The company’s revenue slid about 35 percenyto $326 million in 2008, down from $504 milliomn in 2007. The company’s stock pric e also declined in 2008, closing at $39.76t per share on Dec. 31 of that year, down from a closiny price of $46.32 on Dec. 31, 2007. The Minneapolis/St.
Paul Businessd Journal’s methodology for calculating compensation uses the totalo figures found inthe proxy’s Summaru Table, because they represent the accountingt charge — the impact on earningse — for that fiscal year. Others, including the Associated Press, use the Grant of Plan-Based Awards Table to crunch numbers that best represent what the board of directore had in mind when it granted stock to the executivre duringthe year. Still others wait untilk stock vests and executives exercise options before recognizing these typesaof gains.
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