Toro Co. CEO, chairman and president Michael Hoffman received $2.08 million in total compensation last year, down from $2.85 million in 2008, according to a U.S. Securities and Exchange Commission filing.
Bloomington-based Toro (NYSE: TTC), which makes lawn mowers and other outdoor maintenance equipment, paid Hoffman a salary of $766,665, down from $825,110 in 2008.
Hoffman’s compensation in other categories also declined. Stock-award compensation slipped to $297,942, down from $404,016 in the prior year. Options-awards compensation fell to $873,242, down from nearly $1.05 million in 2008.
Hoffman also didn’t receive non-equity incentive plan pay in 2009. In 2008, he received $381,531 in such compensation, which is tied to a company’s performance.
Hoffman’s compensation in the “all other” category fell to $139,621, down from $195,214 in the prior year. The all-other category includes perks such as financial-planning services and benefits-plan contributions.
The Minneapolis/St. Paul Business Journal’s methodology uses the total figures found in the proxy’s Summary Table, because they represent the accounting charge — the impact on earnings — for that fiscal year.
Others, including the Associated Press, use the Grant of Plan-Based Awards Table to crunch numbers that best represent what the board of directors had in mind when it granted stock to the executive during the year. Still others wait until stock vests and executives exercise options before recognizing these types of gains.