AT&T CEO's pay jumps 35% to $20.3 million in 2009

Bonus, executive perks inflated AT&T CEO Randall Stephenson's 2009 pay package

AT&T CEO Randall Stephenson's stock awards fell 8% in 2009, but he earned a cash bonus of $5.85 million that helped increase his total compensation by 35%.

AT&T chairman and CEO Randall Stephenson was awarded a compensation package valued at $20.3 million in 2009, according to documents filed Thursday with the U.S. Securities and Exchange Commission.

His total compensation increased 35% compared to 2008, when his pay package was valued at $15 million.

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Stephenson's 2009 salary was $1.45 million, which is up slightly from $1.42 million in 2008. He earned a $5.85 million performance-based cash bonus in 2009. The year before, Stephenson turned down a cash bonus -- which the board determined he had earned -- "in light of the economic environment and the workforce reductions," AT&T disclosed in last year's proxy statement.

The bulk of his 2009 pay package came in the form of performance-based stock awards, which were valued at $12.1 million at the time they were granted (down 8% from $13.2 million in 2008).

Stephenson also received $864,632 in perks and other compensation (up from $376,248 in 2008). His perks included $215,954 for club memberships, $86,045 for personal use of company aircraft, $76,253 for home security, $27,350 for communications, $26,591 for auto benefits and $14,000 for financial counseling.

As a company, AT&T reported revenue of $123 billion in 2009, a decline of less than 1% compared to $124 billion in 2008. Net income came in at $12.8 billion, a decline of 2% compared to $13.1 billion in 2008.

Stephenson's total pay is calculated using data supplied in a proxy statement filed with the SEC on March 11. The following figures are taken from the summary compensation table: salary, non-equity incentive plan compensation, nonqualified compensation earnings and all other compensation (perks). Added to those figures is the estimated value of stock options and awards granted during the year; that figure is taken from the table that summarizes grants of plan-based awards. The calculations don't include changes in the value of pension benefits or changes in retention plan value.

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