JNJ » Topics » 2007 Compensation for 2006 Performance

This excerpt taken from the JNJ DEF 14A filed Mar 12, 2008.
2007 Compensation for 2006 Performance
Some of the compensation figures included in the tables in the “Executive and Director Compensation” section of this Proxy Statement were paid to executives in 2007 for performance in 2006. The decisions regarding these awards and payments were discussed in detail in the Company’s 2007 Proxy Statement dated March 14, 2007. For a full understanding of these decisions, please refer to the sections of the 2007 Proxy Statement entitled “Compensation Discussion and Analysis — Executive Compensation Awarded in 2006 and 2007 — 2007 Merit Increases for Performance in 2006” and “— 2007 Bonus and Long-Term Incentive Awards for Performance in 2006.”
Under SEC Rules, the Company is required to report in the Summary Compensation Table the dollar amounts of the stock options and RSUs for each Named Executive Officer, recognized, or “expensed,” by the Company as compensation costs for financial reporting purposes (excluding forfeiture assumptions) in accordance with Financial Standards Board Statement of Financial Accounting Standards No. 123 (revised 2004), Share-Based Payment (“FAS 123R”) in the previous fiscal year. The amounts that the Company expensed (excluding forfeiture assumptions) for fiscal 2007 are reported in Columns D and E of the Summary Compensation Table on page 43 of this Proxy Statement. The reported stock option amounts comprise options that were granted over a period of four years. The reported RSU amounts comprise RSUs that were granted in 2006 and 2007. The Company did not grant RSUs prior to 2006. The tables below show for each Named Executive Officer the total dollar amounts of stock options and RSUs expensed (excluding forfeiture assumptions) in fiscal 2007, along with a breakdown of the grant date fair values of the annual option and RSU grants made in February of 2004, 2005, 2006 and 2007 for performance in the prior year and the portion of each of those grants that was expensed (excluding forfeiture assumptions) in fiscal 2007.
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