The head of the Atlanta company that owns the naming rights to the Denver Broncos' home stadium received more than $10.5 million in compensation last year, a 15 percent increase from 2007 -- according to an Associated Press analysis of a regulatory filing.
Most of the increase came from stock-based awards that have lost value since Invesco Ltd. president and CEO Martin Flanagan received them.
The 48-year-old Flanagan earned a salary of $790,000, the same salary he's earned since 2005. His bonus of $3.7 million was 23 percent lower than in 2007 to reflect a decline in the company's financial results.
Flanagan received stock-based awards worth $4.7 million, up 85 percent from 2007.
Flanagan also earned $1.3 million in other compensation, up from $1 million, including $222,000 for private use of a corporate jet and more than $1 million in dividends paid on unvested stock.
The Broncos play at Invesco Field at Mile High.
The Associated Press compensation formula is designed to isolate the value the company's board placed on the executive's total compensation package during the last fiscal year. It 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.
The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission, which reflect the size of the accounting charge taken for the executive's compensation in the previous fiscal year.
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