COAL CO BOSS PULLS $8 MIL BONUS

Southern's CEO earns $8.1 million in compensation
Sandy Shore, March 17, 2009 (AP via SF Chronicle)

"The head of energy provider Southern Co. received a 2008 compensation package valued at $8.1 million, according to an analysis by The Associated Press, up about 29 percent from the previous year largely because of a jump in his performance-based bonus.

"David M. Ratcliffe, chairman, chief executive and president of the Atlanta-based company, received a base salary of $1.12 million and non-equity incentive plan compensation of $5.3 million, according to a filing Tuesday with the Securities and Exchange Commission.

"Ratcliffe also received stock and option awards valued at $1.67 million when granted…[though] of little current value…Other compensation totaled $79,378 for retirement benefits and other perks."

But lucrative for the bosses. (click to enlarge)

"The Associated Press formula is designed to isolate the value the company's board placed on the executive's total compensation package…

"Southern has said its 2008 performance was affected by a decline in electricity sales and usage which it blamed on the recession. The company earned …$2.26 a share [in 2008] compared with…$2.29 a share [in 2007]…The 5 percent decline was substantially better than many energy stocks experienced…But shares have continued to decline in the first few months of 2009…

"Southern acquires, builds and operates power production and delivery facilities. Its holdings include Alabama Power, Georgia Power, Gulf Power and Mississippi Power."