The following table sets forth information concerning the compensation of our NEOs for each of the fiscal years ended December 31, 2020, 2021, 2022, 2023, and 2024, and our financial performance for each such fiscal year as required by Item 402(v) of Regulation S-K. For more information on the Company’s pay philosophy and pay for performance, please see the Compensation Discussion & Analysis on p.24.
| Year · Summary Compensation Table Total for PEO(1)(2)(3) · Compensation Actually Paid to PEO · Average Summary Compensation Table Total for Non-PEO NEOs · Average Compensation Actually Paid to Non-PEO NEOs · Value of Initial Fixed $100 Investment Based On: · Net Income in thousands · Relative Stockholder Return(6) |
|---|
| Total Shareholder Return(4) · Peer Group Total Shareholder Return(5) |
|---|
| 2024 | $4,616,714 | $5,658,067 | $1,481,834 | $1,358,102 | $114.11 | $93.38 | $100,595 | 70.1% |
| 2023 | $5,342,066 | $4,031,813 | $1,889,298 | $1,557,658 | $98.26 | $122.84 | $95,462 | 25.3% |
| 2022 | $3,629,462 | $2,571,203 | $1,298,087 | $1,018,139 | $110.91 | $99.82 | $97,908 | 71.5% |
| 2021 | $2,779,420 | $1,916,694 | $1,020,880 | $803,582 | $113.81 | $132.23 | $85,745 | 60.1% |
| 2020 | $3,277,517 | $6,819,714 | $1,388,110 | $2,236,770 | $111.64 | $92.43 | $77,567 | 90.4% |
| (1) | Amounts represent summary compensation total paid to our PEO. |
| (2) | Amounts outlined in this table represent “compensation actually paid” to our PEO and the average “compensation actually paid” to our non-PEO NEOs for the relevant SEC rules, which includes the following individuals for each fiscal year: |
| Year | PEO | Non-PEO NEOs |
| 2024 | William H. Lenehan | Gerald R. Morgan, James L. Brat and Patrick Wernig |
| 2023 | William H. Lenehan | Gerald R. Morgan and James L. Brat |
| 2022 | William H. Lenehan | Gerald R. Morgan and James L. Brat |
| 2021 | William H. Lenehan | Gerald R. Morgan and James L. Brat |
| 2020 | William H. Lenehan | Gerald R. Morgan and James L. Brat |
| (3) | The following table set forth on the next page outlines information concerning the calculation of the adjustment between the Summary Compensation and Compensation Actually Paid for each of the applicable fiscal years. |
| (4) | Absolute TSR for fiscal years 2024, 2023, 2022, 2021, and 2020 reflected as a percentage, is equal to 14.1%, -1.7%,10.9%, 13.8% and 11.6%, respectively. Absolute TSR is one of the metrics we use in our long-term annual compensation program, as described in our Compensation Discussion & Analysis on p. 24. |
| (5) | For the relevant fiscal year, the peer group represents the cumulative TSR of the MSCI U.S. REIT Index, which differs from the comparison group of companies used in the “Relative Stockholder Return” column of this table as detailed below in footnote six. |
| (6) | Relative Stockholder Return is the Company’s Selected Measure for purposes of the SEC rules. Amounts shown in the table indicate the Company’s percentile ranking compared to the relative stockholder returns of the companies in a comparison group selected by the Compensation Committee, which differs from the peer group used in the column of this table titled “Peer Group Total Shareholder Return”. For more information on Relative Stockholder Return or RSR, please see our Compensation Discussion & Analysis on p. 24. While Relative Stockholder Return is the Company’s Selected Measure, absolute TSR comprises 50% of the award opportunity for performance based restricted stock awarded to NEOs and PEOs in relevant covered years. |
| PEO · Average non-PEO NEOs |
|---|
| Deduction for Amounts Reported under the “Stock Awards” Column in the Summary Compensation Table for Applicable FY | $(2,942,778) | $(844,470) |
| Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End | 3,071,883 | 743,016 |
| Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date | 167,507 | — |
| Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End | 787,697 | (12,116) |
| Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date | (42,956) | (10,162) |
| Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End | — | — |
| Increase based on Dividends or Other Earnings Paid during Applicable FY prior to Vesting Date | — | — |
| Increase based on Incremental Fair Value of Options/SARs Modified during Applicable FY | — | — |
| Deduction for Change in the Actuarial Present Values reported under the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” Column of the Summary Compensation Table for Applicable FY | — | — |
| Increase for Service Cost and, if applicable, Prior Service Cost for Pension Plans | — | — |
| Total Adjustment | $1,041,353 | $(123,732) |
