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TSR is a combination of share price appreciation and dividends paid to shareholders.
Because Apple's TSR was in the bottom third, Cook forfeited 7,123 shares, which were valued at $3.6 million on August 24, the day they were to vest. At Friday's closing price, the shares Cook lost would have been worth almost $4 million.
But no one should weep for Cook: The 72,877 shares that did vest on Aug. 24 were valued at $36.5 million at the time, and assuming he did not sell any, $40.8 million at Friday's closing.
So far, Cook's 2014 stock grant looks relatively safe, as Apple's TSR has kept pace with the S&P 500's. Since Aug. 25, 2013, Apple's TSR was +12%, while the S&P 500's average was +11.9%. Cook could still forfeit a quarter of the 80,000 shares slated to vest next August if Apple ends up in the middle third of the S&P 500, or 40,000 shares if the company lands in the bottom third.
Apple's shareholders will vote on several proposals at the February 28, 2014, meeting on the company's Cupertino, Calif. campus, including one submitted by trading activist Carl Icahn, who wants Apple to add $50 billion to its stock buyback program. Apple has recommended that shareholders reject the non-binding proposal.
Gregg Keizer covers Microsoft, security issues, Apple, Web browsers and general technology breaking news for Computerworld. Follow Gregg on Twitter at @gkeizer, or subscribe to Gregg's RSS feed . His email address is firstname.lastname@example.org.
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Originally published on www.computerworld.com. Click here to read the original story.