Jacobs Engineering Group CEO received 2009 compensation of $4.6M, 28 pct drop from 2008

Jacobs Engineering CEO’s 2009 pay totals $4.6M

Engineering and construction firm Jacobs Engineering Group Inc. gave Chief Executive Officer Craig L. Martin total compensation valued at $4.6 million in fiscal year 2009, a 28 percent drop from the year before, according to Associated Press calculations of data filed with regulators Thursday.

According to the filing with the Securities and Exchange Commission, Martin received a salary of $1,150,000, no bonus, a performance-based bonus of $978,254, no listed above-market returns on deferred compensation and $7,350 in other compensation.

The company, which is based in Pasadena, Calif., said in its proxy that investment returns on deferred compensation are consistent with market returns.

Martin received stock and option awards the company valued at $2,482,313 on the day they were granted.

The total compensation came to $4,617,917, compared with the $6,451,645 he received for fiscal 2008.

The amount listed as other compensation consists solely of company contributions to Martin’s 401(k) account.

Last month, Jacobs Engineering’s shares fell sharply after the company said its backlog was shrinking and it issued profit guidance for fiscal 2010 that was short of analysts’ expectations.

The company reported a 31 percent drop in fourth-quarter profit on a 20 percent sales decline.

The Associated Press has its own compensation formula that is designed to isolate the value the company’s board placed on the executive’s total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.

The calculations don’t include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the SEC, which reflect the size of the accounting charge taken for the executive’s compensation in the previous fiscal year.