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DENVER (AP) - Total compensation for the head of Massey Energy Co. fell 12.3 percent last year as the coal mining company coped with sluggish demand in the wake of the recession, according to an Associated Press analysis of a regulatory filing.Don Blankenship chairman, and chief executive officer, earned $ 17.3 million in compensation last year, compared with 19.7 million $ in 2008. Massey owns the West Virginia mine where an explosion earlier this month killed 29 miners in the nation's worst coal mining disaster in decades.
The bulk of Blankenship's 2009 compensation came in a performance award of $ 11.5 million, nearly double the $ 6 million he earned in 2008.
percent Blankenship received $ 933.369 in salary, down 6.6, as he and other executives took a pay cut because of difficult business conditions. He got a bonus of $ 300,000.
He received stock awards valued at $ 3.9 that Massey million when awarded and $ 609.875 in compensation for such perks as aircraft travel, cost of housing provided by the company, 401k matching contribution and insurance.
As demand for coal diminished last year, Massey sought to contain costs by eliminating some shifts and cutting capital spending. In 2009, Massey's net income was $ 104.4 million, or $ 1.22 a share. Revenue fell 10 percent to $ billion 2.7.
Federal investigators have begun looking into what caused the explosion at the Upper Big Branch mine in West Virginia.
Authorities believe high methane levels may have played a role. Massey, based in Richmond, Va., has been repeatedly cited and fined for problems with the system that vents methane and Allowing for combustible dust to build up
Associated Press The compensation 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 bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.
The calculations do not 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 Securities and Exchange Commission, which reflect the size of the accounting charge taken for the executive's compensation in the previous fiscal year.
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