AT&T Inc. CEO Randall Stephenson received a pay package valued at $20.2 million for 2010, a sum that was unchanged from the previous year, according to Associated Press calculations of data filed with regulators on Thursday.
The head of the country's largest telecommunications company received a slightly smaller incentive payment and scaled-back perks, but was compensated by a higher salary and larger stock and option awards.
Dallas-based AT&T said Stephenson received a $1.53 million salary in 2009, a 6 percent increase over 2009. His cash incentive payment totaled $5.05 million, down 14 percent from the year before. Most of his 2010 compensation was in the form of options and performance-based stock awards valued at $13.2 million on the days they were granted, up 10 percent from 2009.
In total, Stephenson's perks were worth $417,410 in 2010, less than half of the $864,632 worth that he received in the previous year. They include benefits such as financial counseling, auto use and personal use of company aircraft, insurance premiums, and home security, among others.
Dallas-based AT&T stopped paying ongoing costs for its executives' country club memberships in 2010, but it still pays some fees associated with corporate-owned memberships. In 2009, Stephenson received $215,954 for club memberships, but in 2010, the sum was just $15,714. AT&T also stopped paying the taxes that executives have to pay on benefits. That perk was worth $140,576 to Stephenson in 2009.
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 bonus, 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 that companies list in the summary compensation table of proxy statements filed with regulators.
For all of 2010, AT&T earned $19.9 billion, or $3.35 per share, on revenue of $124.3 billion. That was up 64 percent from 2009 earnings of $12.1 billion, or $2.05 per share, on revenue of $122.5 billion. The company's stock rose 5 percent over the course of the year.