CEO PAY WATCH FASTENAL CO.
Will Oberton, president, CEOTotal compensation: $3,258,911 for the year ended Dec. 31
Salary: $490,000
Non-equity incentive pay: $2,765,453
Other compensation: $3,458
Total return to shareholders: 48.6 percent
Note: Oberton's total compensation increased 3.6 percent from the $3.1 million he took home last year. Oberton was not granted new options in 2011 nor did he exercise any previously issued options in 2011. Oberton's base salary has been unchanged since 2009 and will remain the same for 2012.
According to the preliminary proxy statement filed with the Securities and Exchange Commission on Thursday, the company states that its goal is to keep its compensation programs "simple, understandable and transparent." As a result, cash incentives are not based on multiple performance measures.
Fastenal pays bonuses quarterly and Oberton's bonus is based on pretax net earnings. The company surpassed the incentive targets in each quarter last year. The company reported pretax earnings of $575.1 million in 2011, a 33.5 percent increase over 2010. Fastenal's revenue of $2.8 billion increased 21.9 percent over 2010 and net earnings of $357.9 million rose 34.9 percent.
