Executive Compensation

To examine chief executive pay at nearly 100 of the largest public companies in the District of Columbia, Northern Virginia and Maryland region, Capital Business asked Equilar, an executive compensation research firm, to analyze pay data from corporate filings.

Equilar compiled total annual compensation figures for the chief executives serving as of the close of the most recent completed fiscal year ended on or after June 30, 2009. For each CEO studied, total annual compensation includes base salary, cash bonus payouts, the grant-date value of stock and option awards, and other compensation. Other compensation typically includes benefits and perquisites.

At some companies, the leadership may have changed since our cutoff point, but we chose to report the compensation of the executive in place at the time to provide our best possible apples-to-apples comparison. -- Dan Beyers

Click here for a PDF of the complete compensation breakdowns »   |   Click here to see data sources »

Click on table headers to sort alphabetically by name or numerically by dollar amount, or use the search field to filter by keyword.

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Rank Executive Title Company Cash Total Other Total Total Compensation
1 Robert S. Silberman Chairman and CEO Strayer Education $1,480,000 $40,423,080 $41,903,080
2 Robert J. Stevens Chairman, president and CEO Lockheed Martin $10,980,615 $9,492,836 $20,473,451
3 Ronald D. Sugar 1 Chairman and CEO Northrop Grumman $4,193,750 $13,729,457 $17,923,207
4 Allen F. Wise 2 CEO Coventry Health Care $5,834,243 $11,593,546 $17,427,789
5 Martine A. Rothblatt Chairman and CEO United Therapeutics $1,238,328 $14,597,267 $15,835,595
6 Jay L. Johnson 3 President and CEO General Dynamics $3,636,250 $9,143,546 $12,779,796
7 David M. Zaslav President and CEO Discovery Communications $5,900,000 $5,755,850 $11,655,850
8 H. Lawrence Culp Jr. President and CEO Danaher $953,958 $10,093,346 $11,047,304
9 Tom P.H. Adams President and CEO Rosetta Stone $577,640 $8,936,189 $9,513,829
10 Paul Hanrahan President and CEO AES $5,045,500 $3,766,990 $8,812,490
11 Michael L. Chasen President and CEO Blackboard $1,667,932 $6,747,363 $8,415,295
12 Walter P. Havenstein 4 CEO SAIC $1,596,154 $6,457,656 $8,053,810
13 Malon Wilkus 5 Chairman and CEO American Capital $4,495,000 $2,247,673 $6,742,673
14 Richard D. Fairbank Chairman, president and CEO Capital One Financial $0 $6,076,805 $6,076,805
15 Steven P. Dussek CEO NII Holdings $1,542,800 $4,393,379 $5,936,179
16 Michael J. Williams 6 President and CEO Fannie Mae $5,778,823 $111,180 $5,890,003
17 Albert L. Lord Vice Chairman and CEO SLM $2,248,076 $3,138,631 $5,386,707
18 Alfred E. Festa Chairman, president and CEO W.R. Grace & Co. $4,057,967 $1,278,794 $5,336,761
19 Richard Rudman Chairman, president and CEO Vocus $582,500 $4,556,416 $5,138,916
20 Michael J. Saylor Chairman, president and CEO MicroStrategy $4,229,000 $484,872 $4,713,872
21 W. Edward Walter President and CEO Host Hotels & Resorts $1,377,743 $3,255,170 $4,632,913
22 Craig A. Dubow Chairman and CEO Gannett $2,392,308 $2,013,850 $4,406,158
23 John K. Welch President and CEO USEC $1,479,115 $2,861,720 $4,340,835
24 Jeffrey E. Ganek Chairman and CEO NeuStar $1,585,151 $2,614,395 $4,199,546
25 Randall M. Griffin President and CEO Corporate Office Properties Trust $2,183,500 $1,978,002 $4,161,502
26 Gary B. Smith President and CEO Ciena $650,000 $3,492,279 $4,142,279
27 Bryce Blair Chairman and CEO AvalonBay Communities $1,820,425 $2,185,352 $4,005,777
28 Paul M. Cofoni 7 President and CEO CACI International $2,249,092 $15,118,736 $3,897,343
29 Mark D. McLaughlin 8 President and CEO VeriSign $1,079,692 $2,792,668 $3,872,360
30 Maurice B. Tose Chairman, president and CEO Telecommunication Systems $2,761,725 $980,794 $3,742,519
31 Donald C. Wood President and CEO Federal Realty Investment Trust $1,137,500 $2,373,510 $3,511,010
32 Vincent D. Kelly President and CEO USA Mobility $1,863,152 $1,640,882 $3,504,034
33 Stephen P. Joyce President and CEO Choice Hotels International $1,550,000 $1,814,313 $3,364,313
34 Michael Skarzynski 9 President and CEO Arbitron $480,769 $2,772,445 $3,253,214
35 Michael R. Stanfield 10 Chairman and CEO Intersections $436,154 $2,722,878 $3,159,033
36 George J. Pedersen Chairman and CEO ManTech International $2,722,644 $128,586 $2,851,230
37 A. L. Giannopoulos Chairman, president and CEO Micros Systems $2,000,000 $825,535 $2,825,535
38 Henry H. Graham Jr. CEO TNS $1,469,000 $1,296,988 $2,765,988
39 Richard J. Hendrix 11 President and CEO FBR Capital Markets $1,889,750 $870,000 $2,759,750
40 Mark W. Brugger CEO DiamondRock Hospitality $1,212,000 $1,532,221 $2,744,221
41 Richard A. Montoni President and CEO Maximus $1,200,000 $1,507,350 $2,707,350
42 John K. Delaney 12 Chairman and CEO CapitalSource $400,000 $2,300,087 $2,700,087
43 Leonard E. Moodispaw Chairman, president and CEO KEYW Holding $1,400,040 $1,233,551 $2,633,591
44 Ronald J. Packard CEO K12 $784,000 $1,686,882 $2,470,882
45 Mark S. Ordan CEO Sunrise Senior Living $2,427,500 $0 $2,427,500
46 Joseph M. Rigby 13 Chairman, president and CEO Pepco Holdings $796,669 $1,577,219 $2,373,888
47 George F. McKenzie President and CEO Washington Real Estate Investment Trust $872,256 $1,460,195 $2,332,451
48 James H. DeGraffenreidt Jr. 14 Chairman and CEO WGL Holdings $1,581,940 $717,499 $2,299,439
49 Ronald W. Kaplan President and CEO Trex Company $1,237,981 $1,039,399 $2,277,380
50 David T. Blair CEO Catalyst Health Solutions $1,264,288 $979,284 $2,243,572
51 Kent B. Guichard Chairman, president and CEO American Woodmark $952,403 $1,283,327 $2,235,730
52 K. Paul Singh Chairman, president and CEO Primus Telecommunications Group $1,085,000 $991,133 $2,076,133
53 Charles E. Haldeman Jr. 15 CEO Freddie Mac $2,029,166 $46,845 $2,076,011
54 Hossein Fateh President and CEO DuPont Fabros Technology $606,667 $1,443,862 $2,050,529
55 Michael D. Barnello 16 President and CEO LaSalle Hotel Properties $1,059,872 $915,497 $1,975,369
56 Andrew C. Florance President and CEO CoStar Group $841,939 $1,130,268 $1,972,207
57 Fuad El-Hibri Chairman and CEO Emergent BioSolutions $1,071,528 $892,836 $1,964,364
58 Sudhakar Kesavan Chairman, president and CEO ICF International $949,442 $973,920 $1,923,362
59 Robert W. Musslewhite CEO Advisory Board $1,012,000 $885,331 $1,897,331
60 Magid M. Abraham President and CEO comScore $403,750 $1,461,379 $1,865,129
61 Ronald L. Rossetti 17 Chairman and CEO Tier Technologies $800,000 $1,044,061 $1,844,061
62 Douglas Donatelli Chairman and CEO First Potomac Realty Trust $755,625 $1,070,145 $1,825,770
63 Matthew M. O'Connell President and CEO GeoEye $1,067,450 $576,753 $1,644,203
64 Kevin T. Parker Chairman, president and CEO Deltek $980,125 $595,246 $1,575,371
65 John C. Burris CEO Sourcefire $1,000,000 $566,293 $1,566,293
66 Thomas L. Monahan III Chairman and CEO Corporate Executive Board $1,030,000 $463,422 $1,493,422
67 Seth Grae President and CEO Lightbridge $575,498 $905,773 $1,481,271
68 J.W. "Bill" Marriott Jr. Chairman and CEO Marriott International $1,182,692 $292,694 $1,475,386
69 Stanton D. Sloane President and CEO SRA International $1,205,636 $241,013 $1,446,649
70 Phillip G. Norton Chairman, president and CEO ePlus $789,167 $636,700 $1,425,867
71 Carl J. Grivner President and CEO XO Holdings $1,409,895 $9,616 $1,419,511
72 James J. Leto 18 CEO GTSI $1,181,250 $180,211 $1,361,461
73 Pradman P. Kaul 19 President and CEO Hughes Communications $1,191,630 $147,197 $1,338,827
74 Steven F. Tunney President and CEO MCG Capital $797,696 $524,001 $1,321,697
75 Charles K. Narang Chairman and CEO NCI $1,237,493 $25,275 $1,262,768
76 Maurice A. Gauthier President, COO and CEO VSE $830,000 $406,567 $1,236,567
77 Paul C. Saville President and CEO NVR $1,200,000 $7,350 $1,207,350
78 Steve Dubin CEO Martek Biosciences $689,317 $452,690 $1,142,007
79 David W. Thompson Chairman and CEO Orbital Sciences $1,111,950 $28,659 $1,140,609
80 Colin J. Cumming 20 President and CEO ICx Technologies $416,506 $695,431 $1,111,937
81 Alfred C. Liggins III 21 President and CEO Radio One $934,267 $74,770 $1,009,037
82 Roberta Lipson President and CEO Chindex International $448,480 $545,632 $994,112
83 Ronald D. Paul Chairman, president and CEO Eagle Bancorp $524,998 $316,674 $841,672
84 Bernard H. Clineburg Chairman and CEO Cardinal Financial $650,000 $87,105 $737,105
85 Nicholas R. Schacht 22 President and CEO Learning Tree International $490,012 $184,799 $674,811
86 Daniel J. Schrider 23 President and CEO Sandy Spring Bancorp $457,286 $173,688 $630,974
87 Ryuji Ueno Chairman, Chief scientific officer and CEO Sucampo Pharmaceuticals $612,517 $0 $612,517
88 Theodore M. Prociv 24 President and CEO Versar $483,419 $127,949 $611,368
89 William P. Angrick III Chairman and CEO Liquidity Services $303,188 $296,982 $600,170
90 Michael Tessler 25 President and CEO BroadSoft $576,058 $0 $576,058
91 Paul G. Casner 26 President and CEO Integral Systems $55,500 $501,296 $556,796
92 Raymond T. Crosier 27 President, COO and interim CEO Online Resources $238,367 $272,706 $511,073
93 Marc A. Cohen Chairman and CEO Opnet Technologies $450,000 $25,283 $475,283
94 Peter A. Converse President and CEO Virginia Commerce Bancorp $429,000 $38,733 $467,733
95 Donald E. Graham Chairman and CEO The Washington Post Co. $400,000 $12,740 $412,740
96 Thomas P. Rosato CEO Fortress International Group $249,939 $70,074 $320,013
97 David Schaeffer Chairman, president and CEO Cogent Communications Group $319,923 $0 $319,923
98 Michael M. Tarnow 28 Executive chairman EntreMed $300,000 $4,950 $304,950
99 Leslie Goldberg President and CEO Bowl America $144,679 $9,504 $154,183
Notes about the data
Footnotes

1. Sugar left the CEO position on Dec. 31, 2009.

2. Wise became CEO on Jan. 26, 2009. Salary not annualized.

3. Johnson became CEO on July 1, 2009.

4. Havenstein became CEO on September 21, 2009. Salary not annualized.

5. Option awards exclude the cost incurred due to the modification of option awards granted in prior years in connection with a special dividend paid in June 2009.

6. Williams became CEO on April 21, 2009.

7. Option awards exclude the value of options granted in fiscal 2009 in replacement of canceled awards granted in prior years. Stock awards exclude the value of restricted stock granted in fiscal 2009 in replacement of canceled awards granted in prior years.

8. McLaughlin became CEO on Aug. 17, 2009. Salary not annualized.

9. Skarzynski became CEO on Jan. 12, 2009, and left the CEO position on Jan. 11, 2010. Salary not annualized.

10. Option awards are valued by Equilar using the Black-Scholes model and the Company's FAS 123(R) assumptions for fiscal 2009. Stock awards include 183,050 and 139,355 units valued by Equilar using a closing stock price of $3.10 and $5.48 on May 20, 2009, and March 24, 2009, the date of grant, respectively.

11. Hendrix became CEO on Jan. 1, 2009.

12. Delaney left the CEO position on Jan. 1, 2010.

13. Rigby became CEO on March 1, 2009.

14. DeGraffenreidt left the CEO position on Sept. 30, 2009.

15. Haldeman became CEO on Aug. 10, 2009. Salary not annualized.

16. Barnello became CEO on Sept. 13, 2009.

17. Stock awards: Performance units valued by Equilar assuming the company achieves the threshold amount multiplied by the weighted-average fair value as disclosed in the 10-K filing.

18. Leto left the CEO position on Feb. 15, 2010.

19. Option awards exclude the value of options granted in fiscal 2009 in exchange for the cancellation of options granted in prior years.

20. FLIR Systems acquired ICx Technologies in October 2010. Cumming became CEO on April 17, 2009. 2009 option awards valued by Equilar using the Black-Scholes model and the Company's FAS 123(R) assumptions for fiscal 2009. Excludes the value of options granted in fiscal 2009 in exchange for the cancellation of options granted in prior years.

21. Performance incentives: The company accrued $980,000 in non-equity incentive plan compensation for the CEO for 2009, but the actual amount to be paid, if any, has not been determined.

22. Option awards valued by Equilar using the Black-Scholes model and the company's FAS 123(R) assumptions for fiscal 2009. Stock awards: Performance shares valued by Equilar using the grant date value of the target number of shares.

23. Schrider became CEO on Jan. 1, 2009.

24. Prociv left the CEO position on Feb. 10, 2010.

25. Option awards exclude the value of options granted in fiscal 2009 in exchange for the cancellation of options granted in prior years.

26. Casner became CEO on Aug. 6, 2009. Salary not annualized.

27. Crosier became interim CEO on Dec. 14, 2009 and left the CEO position on April 19, 2010.

28. The company eliminated the position of CEO in Dec. 2008, and currently has an Executive Committee, which is led by Michael Tarnow.

Data Sources

For companies with proxies filed on or after March 1, 2010, data for each component of compensation is collected directly from the Summary Compensation Table of the proxy statement. For proxies filed before March 1, 2010, the values for options and stock awards are collected from the Grants of Plan-Based Awards Table. Using the table may cause the figures to not line up with what a company may report in its total compensation column of the Summary Compensation Table. The online education firm K12, for instance, values chief executive Ron Packard’s total compensation package at about $1.7 million, instead of our calculation of about $2.5 million.

Grant-date values for equity awards represent the estimated value of new service-based and performance-based stock and option awards. Although companies disclose these values, there is no guarantee that an executive will actually realize the amounts shown. An executive may earn more or less depending on stock price movements and the achievement of vesting requirements or performance goals.

Furthermore, Equilar’s analysis reports equity awards in the fiscal year they were granted. Sometimes these awards are paid out over several years and have conditions attached, which could affect how much an executive ultimately collects. Also, in some cases, companies grant equity awards at the beginning of each fiscal year based on performance in the prior fiscal year. As a result, equity awards granted in a fiscal year should not necessarily be viewed as indicative of corporate performance in the same year.

—- Dan Beyers


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