Determining Pay at Freddie Mac, Fannie Mae

For most of the companies included in The Post's survey of executive compensation, data is pulled from their once-a-year filings with the Securities and Exchange Commission.

Two major Washington area companies have not filed their annual reports or proxy statements for the most recent fiscal year and are not included in the survey. Mall developer Mills Corp. and consulting firm BearingPoint Inc. are in the midst of financial restatements and their SEC filings are not up to date.

Two other companies -- mortgage finance firms Fannie Mae and Freddie Mac -- are also behind on their accounting but have disclosed enough information in other forms to determine what their executives were paid last year. The Post calculated executive pay for the two companies using those other sources.

Fannie Mae confirmed the calculations; Freddie Mac declined to confirm or deny them.

Fannie Mae has made a series of top executive changes since 2004, including formally making Daniel H. Mudd its chief executive and promoting a number of other executives. During each change, the company disclosed each executive's new salary level. The Post computed the actual salary paid in 2005 by pro-rating across the year their previous earnings and any salary increase.

Also, the company disclosed in other filings what each officer was paid in bonus, restricted stock and long-term incentive cash payments. Fannie didn't award stock options to any executives last year.

The final Fannie calculations did not include other forms of compensation, such as the dollar value of benefits and perks, which are usually, though not always, a small portion of total compensation. Fannie has not publicly disclosed these figures.

Therefore, the "total compensation" of Fannie executives on the accompanying lists probably underestimates what they actually received.

In the case of Freddie Mac, the company has disclosed the salaries paid to chief executive Richard F. Syron and President Eugene M. McQuade in 2004, and it has disclosed what they will be paid in 2006. Because those two numbers are identical, The Post assumed that they were paid that same salary in 2005.

Separately, Freddie has disclosed Syron's and McQuade's bonuses as well as the value of restricted stock and options granted to each in 2005. Lastly, as with Fannie Mae, Freddie Mac has not disclosed the dollar value of other compensation, so the figures for Syron and McQuade on the "total compensation" list are, in all likelihood, lower than what they received.