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Complete compensation details, including the value of the executives' 2011 cash compensation, perks and benefits weren't disclosed. None of the banks have filed annual proxy statements, which include those financial details. Dimon received a total pay package for 2010 valued at $20.8 million, including a salary of $1 million and a cash bonus of $5 million. Gorman received compensation valued at $15.2 million, including a salary of $800,000 and a cash bonus of $3.9 million. The Associated Press formula calculates an executive's total compensation during the last fiscal year by adding salary, bonuses, perks, above-market interest the company pays on deferred compensation and the estimated value of stock and stock options awarded during the year. The AP formula does not count changes in the present value of pension benefits. That makes the AP total slightly different in most cases from the total reported by companies to the Securities and Exchange Commission. The value that a company assigned to an executive's stock and option awards for 2010 was the present value that the company expected the awards to be worth to the executive over time. Companies use one of several formulas to calculate that value. However, the number is just an estimate, and what an executive ultimately receives depends on the performance of the company's stock in the years after the awards are granted. Most stock compensation programs require an executive to wait a specified length of time to receive shares or exercise options.
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