Schedule 14A


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Bonus Curve

(Dollars are in Thousands)

 



Operating Income Performance

For 2016, the Company’s target operating income was $276.0 million, and the Company achieved an operating income of $280.5 million, which was 101.6% of the operating income target. As a result of the Company’s performance, annual bonus payouts were 103.21% of the target percentage of base salary (see table below).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

2016 Operating Income Goals

 

 

Actual 2016 Operating

Income Performance

($000)

 

  

2016 Annual

Bonus Plan

Payout

 

 

 

  

Performance Range

($000)

 

  

Payout Range

(% of target)

 

 

  

 

Threshold

  

$

234,635

  

  

 

30



 

 

 

 

  

 

 

 

 

Target

  

$

276,041

  

  

 

100



 

$

280,471

  

  

 

103.21



 

Maximum

  

$

317,447

  

  

 

200



 

 

 

 

  

 

 

 

 

 

21
Table of Contents

The following table sets forth (i) target bonuses during 2016 for the Named Executive Officers, expressed both as a percentage of base salary and in absolute amounts, and (ii) the actual bonuses received by the Named Executive Officers under the 2016 annual bonus plan at 103.21% of target:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NAMED EXECUTIVE OFFICER

  

2016 BASE

SALARY

 

 

2016 BONUS

TARGET

PERCENTAGE

 

 

2016 BONUS

TARGET

 

 

ACTUAL PAYOUT

PERCENTAGE

 

 

2016 ACTUAL

BONUS

 

Sandra B. Cochran

  

$

1,025,000

  

 

 

110



 

$

1,127,500

  

 

 

103.21



 

$

1,163,693

  

Jill Golder

  

$

128,646

(1) 

 

 

70



 

$

90,052

  

 

 

103.21



 

$

92,943

  

Lawrence E. Hyatt

  

$

495,300

(2) 

 

 

70



 

$

343,778

(3) 

 

 

103.21



 

$

354,813

(3) 

Nicholas V. Flanagan

  

$

445,000

  

 

 

70



 

$

311,500

  

 

 

103.21



 

$

321,499

  

Beverly K. Carmichael

  

$

345,000

  

 

 

55



 

$

189,750

  

 

 

103.21



 

$

195,841

  

Laura A. Daily

  

$

320,000

  

 

 

55



 

$

176,000

  

 

 

103.21



 

$

181,650

  

 

(1)

Reflects Ms. Golder’s base salary during fiscal 2016 based upon her hire date of April 25, 2016. Ms. Golder’s annualized base salary in 2016 was $475,000.

(2)

Reflects a prorated amount based on Mr. Hyatt’s service during fiscal 2016 as both our SVP & CFO (through July 1, 2016) and as an employee pursuant to his retirement agreement with the Company, dated September 25, 2015 (four weeks). Mr. Hyatt’s annualized base salary in 2016 was $535,600.

(3)

Mr. Hyatt’s annual bonus is calculated based on eligible salary earnings between August 1, 2015 through July 1, 2016 ($491,111) pursuant to his retirement agreement with the Company dated September 25, 2015.
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