MTG » Topics » 2007 DIRECTOR COMPENSATION

This excerpt taken from the MTG DEF 14A filed Apr 11, 2008.
2007 DIRECTOR COMPENSATION
 
The following table shows the compensation paid to each person who was one of our directors in 2007. Mr. Culver, our CEO, is also a director but receives no compensation for service as a director.
 
                         
    Fees Earned
             
    or Paid in
    Stock
       
Name
  Cash ($)(1)     Awards ($)(2)     Total ($)  
 
James A. Abbott
    100,000       142,261       242,261  
Karl E. Case
    102,000       155,010       257,010  
David S. Engelman
    100,000       150,315       250,315  
Thomas M. Hagerty
    93,000       146,941       239,941  
Kenneth M. Jastrow
    106,000       156,497       262,497  
Daniel P. Kearney
    129,000       184,856       313,856  
Michael E. Lehman
    129,000       54,793       183,793  
William A. McIntosh
    125,000       176,567       301,567  
Leslie M. Muma
    99,000       146,607       245,607  
Donald T. Nicolaisen
    100,000       62,217       162,217  
 
 
(1) Each of the following directors elected to defer all the fees shown in this column into share units as described under “Deferred Compensation Plan” above as follows: Mr. Case — 2,879 share units; Mr. Hagerty — 2,548 share units; Mr. Jastrow — 2,907 share units; Mr. Kearney — 3,600 share units; Mr. Muma — 2,734 share units and Mr. Nicolaisen — 2,792 share units.
 
(2) The amounts shown in this column are the amounts that we recognized as a compensation expense under GAAP, except that in accordance with the SEC’s executive compensation disclosure rules and to avoid double-counting, we have excluded from this column the portion of the awards included in the column titled “Fees Earned or Paid in Cash” and summarized in footnote 1 that were expensed in 2007. See Note 11 of the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ending December 31, 2007 for information regarding the assumptions made in arriving at these amounts. Dividends are paid on all of these restricted shares and RSUs.
 
All of the compensation expense for stock awards that we recognized in 2007 resulted from stock expensed at values between $60.35 and $66.18 per share. The closing price of our stock at the end of the 2007 was $22.43.
 
In 2007, our directors were granted three types of equity awards. First, some directors elected to defer their cash fees in the manner described under “Deferred Compensation Plan” above. The awards that they received under such plan and the value of the awards are set forth in footnote 1 and the column titled “Fees Earned or Paid in Cash,” respectively. Second, each director was awarded RSUs representing 850 shares of Common Stock and with a value (as of the grant date) of $52,896 pursuant to our RSU Award Program described under “RSU Award Program” above. Finally, our directors were awarded restricted shares or RSUs granted pursuant to our Deposit Share Program as follows, with each of the values representing the value as of the grant date: Mr. Abbott — 1,491 RSUs valued at $89,982; Mr. Case — 1,615 shares of restricted stock valued at $97,465; Mr. Engelman — 1,540 shares of restricted stock valued at $92,939; Mr. Hagerty — 1,491 RSUs valued at $89,982; Mr. Jastrow — 1,615 RSUs valued at $97,465; Mr. Kearney — 2,086 RSUs valued at $125,890; Mr. McIntosh — 2,062 shares of restricted stock valued at $124,442; Mr. Muma — 1,491 RSUs valued at $89,982; and Mr. Nicolaisen — 273 RSUs valued at $16,476. The following directors purchased at fair market value shares of our Common Stock under the Deposit Share Program in order to receive an award of restricted stock: Mr. Abbott — 994 shares for $59,988; Mr. Engelman — 1,027 shares for $61,979; Mr. McIntosh — 1,375 shares for $82,981; and Mr. Nicolaisen — 182 shares for $10,984.
 
At December 31, 2007, the outstanding stock awards to our directors that have either not vested or have vested but have not been released were: Mr. Abbott — 5,691; Mr. Case — 15,338; Mr. Engelman — 5,740;


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Mr. Hagerty — 13,336; Mr. Jastrow — 29,915; Mr. Kearney — 19,161; Mr. Lehman — 3,571; Mr. McIntosh — 6,262; Mr. Muma — 20,677; and Mr. Nicolaisen — 3,924.
 
This excerpt taken from the MTG 10-K filed Mar 18, 2008.
2007 DIRECTOR COMPENSATION
 
The following table shows the compensation paid to each person who was one of our directors in 2007. Mr. Culver, our CEO, is also a director but receives no compensation for service as a director.
 
                         
    Fees Earned
             
    or Paid in
    Stock
       
Name
  Cash ($)(1)     Awards ($)(2)     Total ($)  
 
James A. Abbott
    100,000       142,261       242,261  
Karl E. Case
    102,000       155,010       257,010  
David S. Engelman
    100,000       150,315       250,315  
Thomas M. Hagerty
    93,000       146,941       239,941  
Kenneth M. Jastrow
    106,000       156,497       262,497  
Daniel P. Kearney
    129,000       184,856       313,856  
Michael E. Lehman
    129,000       54,793       183,793  
William A. McIntosh
    125,000       176,567       301,567  
Leslie M. Muma
    99,000       146,607       245,607  
Donald T. Nicolaisen
    100,000       62,217       162,217  


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(1) Each of the following directors elected to defer all the fees shown in this column into share units as described under “Deferred Compensation Plan” above as follows: Mr. Case — 2,879 share units; Mr. Hagerty — 2,548 share units; Mr. Jastrow — 2,907 share units; Mr. Kearney — 3,600 share units; Mr. Muma — 2,734 share units and Mr. Nicolaisen — 2,792 share units.
 
(2) The amounts shown in this column are the amounts that we recognized as a compensation expense under GAAP, except that in accordance with the SEC’s executive compensation disclosure rules and to avoid double-counting, we have excluded from this column the portion of the awards included in the column titled “Fees Earned or Paid in Cash” and summarized in footnote 1 that were expensed in 2007. See Note 11 of the Notes to the Consolidated Financial Statements in this annual report for information regarding the assumptions made in arriving at these amounts. Dividends are paid on all of these restricted shares and RSUs.
 
All of the compensation expense for stock awards that we recognized in 2007 resulted from stock expensed at values between $60.35 and $66.18 per share. The closing price of our stock at the end of the 2007 was $22.43.
 
In 2007, our directors were granted three types of equity awards. First, some directors elected to defer their cash fees in the manner described under “Deferred Compensation Plan” above. The awards that they received under such plan and the value of the awards are set forth in footnote 1 and the column titled “Fees Earned or Paid in Cash,” respectively. Second, each director was awarded RSUs representing 850 shares of Common Stock and with a value (as of the grant date) of $52,896 pursuant to our RSU Award Program described under “RSU Award Program” above. Finally, our directors were awarded restricted shares or RSUs granted pursuant to our Deposit Share Program as follows, with each of the values representing the value as of the grant date: Mr. Abbott — 1,491 RSUs valued at $89,982; Mr. Case — 1,615 shares of restricted stock valued at $97,465; Mr. Engelman — 1,540 shares of restricted stock valued at $92,939; Mr. Hagerty — 1,491 RSUs valued at $89,982; Mr. Jastrow — 1,615 RSUs valued at $97,465; Mr. Kearney — 2,086 RSUs valued at $125,890; Mr. McIntosh — 2,062 shares of restricted stock valued at $124,442; Mr. Muma — 1,491 RSUs valued at $89,982; and Mr. Nicolaisen — 273 RSUs valued at $16,476. The following directors purchased at fair market value shares of our Common Stock under the Deposit Share Program in order to receive an award of restricted stock: Mr. Abbott — 994 shares for $59,988; Mr. Engelman — 1,027 shares for $61,979; Mr. McIntosh — 1,375 shares for $82,981; and Mr. Nicolaisen — 182 shares for $10,984.
 
At December 31, 2007, the outstanding stock awards to our directors that have either not vested or have vested but have not been released were: Mr. Abbott — 5,691; Mr. Case — 15,338; Mr. Engelman — 5,740; Mr. Hagerty — 13,336; Mr. Jastrow — 29,915; Mr. Kearney — 19,161; Mr. Lehman — 3,571; Mr. McIntosh — 6,262; Mr. Muma — 20,677; and Mr. Nicolaisen — 3,924.


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Item 12.   Security Ownership of Certain Beneficial Owners and Management.
 
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