Bank of America Chief Executive Kenneth Lewis posted a $91.58 million gain from the exercise of options and vesting of stock awards in 2006, in addition to a obtaining a $22.85 million compensation package, as the No. 2 U.S. bank's profit rose 28% to a record.
Lewis, who turns 60 next month, realized $77.04 million from the exercise of 4.08 million stock options, and had $14.54 million of stock awards vest, according to the bank's proxy filing with the U.S. Securities and Exchange Commission.
These awards were in addition to a compensation package comprising a $1.5 million salary, $14.63 million of stock and option awards, $6.5 million of incentive awards, and $219,969 of other compensation, including the use of a corporate aircraft, tax and financial planning, and security provisions.
Compensation is based on salary, bonus, the value of stock options and other awards granted during the year, and incentives and perks.
Bank of America last month said 2006 profit totaled $21.13 billion, or $4.59 a share, helped by capital markets and investment banking, investment gains and a 148% jump in card income following the $34.2 billion purchase of MBNA Corp.
The bank's shares rose 16% in 2006, topping the 13% increase in the Philadelphia KBW Bank Index.