Posted 3/17/2014 03:29 pm
Updated 8 months ago
The continued housing recovery that led to record profit for Deltic Timber Corp. last year helped propel total compensation for Deltic President and CEO Ray Dillon to $2.87 million in 2013, compared with $2.47 million in 2012.
Dillon was the beneficiary of an $867,000 cash bonus, which Deltic (NYSE: DEL) describes as "non-equity incentive plan compensation." The four other named company executives also received hefty bonuses last year, but total compensation in 2013 for the other company officials stayed relatively flat or slightly below the year-earlier totals, primarily because of declines in the value of the officers' pension plans.
Dillon also realized $418,295 last year from exercising stop options. None of the other officers exercised options in 2013.
The information came in the El Dorado company's annual proxy statement, filed on Monday with the federal Securities & Exchange Commission. The company in its proxy also announced a shareholders' meeting for 10 a.m. April 24 at the South Arkansas Arts Center in El Dorado.
Deltic last month reported record profit of $26.2 million, or $2.06 a share, in 2013, a leap from $9.2 million, or 73 cents a share, for 2012.
The other Deltic officers and their compensation last year:
• Kenneth Mann, vice president, chief financial officer and treasurer, earned $1.17 million in 2013, compared with $1.22 million in 2013. That 2013 pay included a base salary of $352,833 and a $355,000 cash incentive.
• Kent Streeter, vice president of operations, received total compensation of $847,338 in 2013, compared with $854,583 in 2012. His pay last year included a base salary of $283,333 and a cash incentive of $170,640.
• David Meghreblian, vice president of real estate, earned $659,161 in 2013, compared with $733,352 in 2012. That 2013 compensation included a base salary of $221,833 and a cash incentive of $121,617.
• Jim Andrews Jr., vice president and general counsel, received $768,604 in total compensation last year, compared with $723,554 in 2012. That total comprised a base salary of $195,833 and a cash incentive of $130,880.