While Gentiva employees received no raises in 2012 and long term stockholders remain in the red, the first hint of executive compensation came in the company's 10-K.
Equity based compensation rose slightly in 2012. For the year ended December 31, 2012, the Company recorded equity-based compensation expense, as calculated on a straight-line basis over the vesting periods of the related equity instruments, of $7.6 million as compared to $7.5 million for the corresponding period of 2011.Performance cash awards could also be gleaned:
For 2012, the Company granted performance cash awards of approximately $4.8 million, with 50 percent of the award based on a 2012 diluted earning per share target and 50 percent of the award based on a 2014 diluted earnings per share target, subject to certain adjustments, with the awards expected to fully vest at the end of 2014. The performance cash awards based on 2012 diluted earnings per share target will be paid at 85 percent of target.I could find no reference to performance cash awards in any of the company's last three 10-K's. However, their annual proxy statements did list performance cash awards. The last award given was in January 2011 and totaled roughly $1.5 million. The $4.8 million is a 220% increase.
The SEC report mentions Rod Windley's new role as Executive Chairman, but gave no information on his compensation, now that he's working full time for Gentiva.
The company's Proxy Statement should be out in two weeks. It will have a detailed breakdown of how executive's made out on the backs of Gentiva's workers.