Doug Rock, chairman and chief executive of Smith International Inc., supplier of products and services for the oil and gas industry, received compensation valued by the company at $8.9 million in 2006.
According to a regulatory filing Thursday, Rock, who is the Houston-based company's chairman, CEO, president and chief operating officer, got a base salary of $1.1 million and a cash bonus of $2.2 million.
He also received stock and option awards with an estimated value of $5 million on the day they were granted.
Rock received $580,903 in other compensation, which included company contributions to his executive retirement plan and 401(k), as well as a $32,800 annual perquisite allowance.
Each company executive can use the allowance at his or her discretion. The company pays for a car allowance, financial planning, medical reimbursement, club memberships and up to $3,000 for an annual physical, among other services.
Smith International also provided $10,873 in airfare for Rock's spouse to accompany him on company business and $14,196 in life insurance premiums.
In addition to his annual compensation, Rock realized $14.3 million on exercising option awards and $3.4 million on vesting stock awards.
The Associated Press calculations of total pay include executives' salary, bonus, incentives, 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.
Shares of Smith International rose 77 cents to $47.67 in afternoon trading on the New York Stock Exchange.
AP
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