This excerpt taken from the COLM DEF 14A filed Apr 20, 2005.
The Compensation Committee determined the compensation for the Chief Executive Officer based on a number of factors. Mr. Boyles base salary was determined after a review of his experience, performance and an evaluation of comparable positions at other companies. Under the Executive Incentive Compensation Plan total compensation for Mr. Boyle is tied to the overall financial performance of the Company. For 2004, Mr. Boyle was eligible to receive as a bonus between 30 percent and 220 percent of his base salary, depending on the Company achieving between 85 and 130 percent of predetermined financial goals. The Company exceeded 100 percent of the financial goals, and Mr. Boyle received a bonus of $903,700, or 129 percent of his annual base salary. Mr. Boyles 2005 base salary is $720,000, an increase of $20,000 from 2004, and was established by the Compensation Committee after a review of a commissioned survey of executive salaries across related industries as well as in the same geographic region. In 2005, Mr. Boyle is again eligible for a performance-based bonus of between 30 percent and 220 percent of his base salary, depending on his performance and on the Company achieving between 85 percent and 130 percent of pre-set financial goals. If the Companys performance is below 85 percent of the financial goals, Mr. Boyle will receive no bonus under the Executive Incentive Compensation Plan. Because of Mr. Boyles substantial ownership interest in the Company, the Compensation Committee believes he has an effective long-term incentive tied directly to shareholder return.