(The Associated Press circulated the following on March 5, 2010.)
PHILADELPHIA — The CEO of Norfolk Southern Corp. received $10.9 million in compensation for 2009, 9 percent less than the prior year as the railroad operator grappled with the economic downturn, according to an Associated Press analysis of a regulatory filing Friday.
The smaller compensation was due to a $1.1 million decline in Charles Moorman’s performance-based bonus, which was not offset by much smaller increases in other compensation. Moorman is also the company’s chairman and president.
A filing with the Securities and Exchange Commission shows that his base salary remained the same from 2008, at $950,000. His performance-linked bonus fell to $613,700 from nearly $1.8 million.
Moorman received $144,611 in perks, which included $38,626 for the use of a corporate plane, $4,800 in annual physicals, $8,575 in contributions to an investment plan and $63,492 in charitable contributions.
More than 80 percent of his total compensation came in the form of stock options and restricted stock, where awards came to $9.2 million on the date they were granted. The total awards were up slightly from the prior year.
The Associated Press calculations of total pay include executives’ salary, bonus, incentives, 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 SEC.
In 2009, the company earned $1 billion, or $2.76 per share, compared with $1.7 billion, or $4.52 per share, in the prior year. Revenue fell to $8 billion from $10.7 billion.