Thursday, February 17, 2011
MIAMI (AP) — Lennar Corp. says President and CEO Stuart Miller received compensation valued at about $9.66 million in fiscal 2010, a 31 percent increase from the prior year.
The Florida homebuilder kept Miller’s base salary at $1 million, according to a recent regulatory filing with the Securities and Exchange Commission. He received a performance-based cash bonus of $1 million and restricted stock awards valued at $7.6 million on the day they were granted.
The AP’s formula for calculating executive compensation includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.