Bank of America Corp. chief executive Ken Lewis took home a $1.5 million salary but no bonus, restricted stock or stock options in 2008, according to a securities filing Monday.
Lewis also tallied $275,000 in other compensation, largely for personal use of corporate aircraft.
The bank had previously said that neither Lewis nor his direct reports would receive a bonus for 2008, a year that saw the bank turn a profit but also take billions in government aid. The 2008 compensation compares with take-home pay of about $10.2 million in 2007 when he got a $4.2 million bonus and $4.2 million in restricted stock.
When using methodology required by the Securities and Exchange Commission, Lewis' pay in 2008 looks bigger. That's because the SEC tallies the amount of restricted stock the company took as an expense in 2008, which can include grants from previous years.
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Under these guidelines, Lewis made about $6 million in 2008, counting $4.3 million in stock granted between 2005 and 2007. In comparison, Lewis had total compensation of about $17 million in 2007, using SEC guidelines. In calculating total compensation, the Observer doesn't count stock option grants because the value is realized in the future. Lewis did not exercise any stock options in 2008.
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