Higher 2012 profit boosts compensation for top two D.R. Horton execs
Top officers at Fort Worth-based D.R. Horton didn't get a raise in base salary in 2012, but the home builder's chairman and its CEO each saw their total pay increase, according to its latest proxy statement filed Thursday. Chairman Don Horton's total compensation was $5.9 million, and CEO Don Tomnitz's was $5.2 million. Don Horton's total compensation was up 33 percent from a year ago, and Tomnitz' was up 32 percent.
Both executives received sharply higher incentive awards that are based on the company's pre-tax income, which soared from a year ago. Don Horton and Tomnitz each were awarded 1 percent of the company's $242.9 million in 2012 pre-tax income, or $2.43 million. That was up from $240,798 in 2011, when the company has just $12.1 million in pre-tax income. D.R. Horton's fiscal year ends Sept. 30.
Those compensation figures are calculated using The Associated Press' formula, which counts salary, bonus, non-equity incentive plan compensation, grants of plan-based awards and all other compensation, as listed on the company's proxy.
-- Jim Fuquay