Cog in the machine...

Well, I transcribed the "Principal and Selling Stockholders" numbers from the current stock sale SEC filing into the second page of the spreadsheet I used for my earlier IPO sale essay.

When the resulting sums didn't make sense, I went through all the sheet's cell calculations. I found no obvious transposition error or equation flaw that would explain the ridiculous numbers I was seeing.

So until one of y'all can find the error in my calculations, I can only assume my figures are right and, with this filing, our Executive Team gave each other $105 million in bonuses from their Executive Incentive Plans.

Oh, yeah... that's in addition to the $96 million they got six months ago...


UPDATE: Scroll down for the list and the rest of the 'blog, until I can figure out why Blogger's template formatting doesn't like my table HTML.

Exec/Owner	Total EIP	EIP since IPO
Jeff Turner	$31,163,858	$16,142,176
Ulrich "Rick" Schmidt	$24,700,650	$12,181,806
Vernell Jackson	$8,194,026	$4,173,464
Ron Brunton	$7,938,325	$4,182,911
John Lewelling	$7,113,019	$3,357,605
H. David Walker	$5,266,296	$2,762,678
Carolyn Harms	$5,226,599	$2,722,981
Michael Williams	$5,120,136	$2,616,518
Don Carlisle	$4,597,799	$2,407,143
Mike King	$3,995,255	$2,117,535
Gloria Flentje	$3,872,913	$1,995,193
Tod Wawzysko	$3,869,530	$1,991,810
Sheri Boyer	$3,868,190	$1,990,470
Daniel Wheeler	$3,831,440	$1,953,720
Peter Wu	$3,257,882	$1,693,124
John Pilla	$3,209,242	$1,739,488
Mike Germann	$3,201,401	$1,636,643
Richard "Buck" Buchanan	$2,794,538	$1,542,742
James Urso	$2,662,046	$1,410,250
Kerry Crisp	$2,638,361	$1,386,565
Dana Smith	$2,630,891	$1,379,095
Rick Morriss	$2,548,065	$1,342,211
Neil McManus	$2,346,005	$2,346,005
Rod Cheatham	$2,028,155	$1,046,239
Dave Finneran	$1,880,281	$1,004,029
Douglas Scott	$1,879,142	$1,002,890
David Wiseman	$1,827,250	$950,998
Kenneth Wright	$1,823,699	$947,447
Suzanne Scott	$1,814,284	$937,096
Larry Knott	$1,812,678	$936,426
Bob Mayle	$1,812,175	$935,923
Jeff Clark	$1,810,333	$934,081
Tony Veith	$1,567,524	$823,196
Steven Page	$1,507,500	$1,507,500
Andrew Hodgson	$1,466,530	$1,466,530
Sue Bacon	$1,461,250	$774,018
Doug Reece	$1,437,570	$811,672
Dave Bartz	$1,400,921	$775,023
Vic McMullen	$1,397,604	$771,706
Don Blake	$1,341,391	$715,493
Elston White	$1,333,653	$707,755
Marci Johnson	$1,330,336	$704,438
Kim Scanlan	$1,326,966	$137,752
Jim Cocca	$999,750	$624,206
Sam Bhagat	$973,992	$535,866
Frederick Dodds	$930,174	$492,048
Jeff Jabara	$918,717	$480,591
Tim Cosgrove	$898,986	$460,860
Keith Smith	$888,165	$450,039
Thomas "Steve" Turkle	$885,016	$446,890
Jerry Vaughn	$884,748	$446,622
Kip Schmidt	$881,834	$443,708
Lana McCutchen	$881,532	$443,406
Rick Davis	$877,110	$438,984
Thomas Greenwood	$850,846	$412,720
Peter Doughtery	$733,282	$733,282
Scott McLarty	$733,282	$733,282
Sherri Williams	$681,171	$355,703
Forrest Urban	$674,796	$361,834
Adam Pogue	$674,595	$361,633
George Miller	$653,657	$340,695
Mark Hoffman	$650,240	$337,278
Rodney Webber	$647,862	$334,900
Brian Skelton	$646,153	$333,191
Lois Covey	$641,832	$328,870
Curt Demuth	$638,214	$325,252
Mary French	$638,147	$325,185
Joe Jarrett	$526,456	$268,302
Samantha Marnick	$516,156	$244,014
D. Randolph Davis	$515,486	$243,344
Chris Wilkinson	$448,391	$211,687
David Stewart	$376,977	$187,567
Simon Ellery	$373,928	$184,518
Simon Foster	$373,928	$184,518
Michael Nelson	$291,250	$166,060
Allen Williams	$290,546	$165,356
Clark Sellens	$264,289	$128,205
Mike Schwamman	$206,332	$97,418
Walter Diver	$52,662	$52,662

Again, still no mention of their "performance targets."


-- Bill, who couldn't make up this $#!% if he tried...

While it's not quite as good as Harry's termination, I think I may have figured out why Spirit's VP of HR – one of our Top 5 Execs – was let go.

Unfortunately, it has nothing to do with the juicy rumor that she had received confidential comments from the company compiling Spirit's employee survey results, that led her to fire Spirit Owner Kim Scanlan, Spirit Spokesman Fred Solis, my "Aunt Judy," and others. But it's almost as good.

One of the rumors circulating at the time of the dismissal was that she lied abou... uh, "misrepresented" her income from her previous employer. And if I've parsed the legalese in Spirit's stockholders' proxy statement correctly, it seems to bear that out.

There's a table on page 25 that lists all kinds of Executive compensation. But it's the footnotes that contain the important details.

For example, our CFO's compensation "Includes (a) $4,121 for country club dues, (b) $239,702 for relocation expenses, (c) $22,711 for Company contributions to defined contribution plans , and (d) $2,382,635 for a one-time payment in lieu of foregone executive compensation from prior employer."

But you get to the footnote for Ms Nicholson and among the comp items is "(f) $517,000 for a one-time cash payment in lieu of reported foregone executive compensation from previous employer and (g) $381,760 for payment of taxes for foregone executive compensation and reported bonus from previous employer."

Seems to confirm that "misrepresentation of income" rumor, dunnit?


-- Bill, who's open to other interpretations...

Man, is Spirit's Finance organization on their game or what?!

Based on the first quarter financial report, listing $954,100 Revenue and $113,500 EBIT, they're juggling just enough numbers to maintain company profit performance at 11.896%, just a razor-thin margin below our 12% Performance Bonus payout threshold.

C'mon, guys, back it off some. You really shouldn't make the taunting quite so obvious.


-- Bill, who can't wait to discover the new members of the Spirit Millionaires Club, based upon the SEC filing for our owners next stock offering...