Page 71 - Proxy Statement - 2020

CEO Pay Ratio Disclosure / Executive Compensation

CEO Pay Ratio Disclosure

The Company is required to disclose in its proxy statement the • calculating the total annual compensation of our CEO and
annual total compensation of the median-compensated of the median employee using the same methodology
employee of, generally, all Company employees (excluding the required for the Summary Compensation Table.
CEO), the annual total compensation of its CEO, and the ratio of
the CEO compensation to the median employee’s The total annual compensation for our CEO for fiscal year 2019
compensation. was $12,198,358. The total annual compensation in 2019 for
the median employee (other than our CEO) was $67,956. The
The Company in 2019 employed approximately 8,700 resulting ratio of CEO pay to the pay of our median employee
employees that were located primarily in the United States, but for fiscal year 2019 is 180 to one.
also with employees in Canada and The Bahamas.
This pay ratio is a reasonable estimate calculated in a manner
The methodology described in this section was used to identify consistent with SEC rules based on our payroll and employment
the median employee in 2017 and 2018. For 2019, we used the records and the methodology described above. Because the SEC
rule allowing us to use the same median employee as last year. rules for identifying the median-compensated employee and
The median employee compensation was identified using a calculating the pay ratio based on that employee’s annual total
consistently applied compensation measure, encompassing base compensation allow companies to adopt a variety of
salary, overtime, incentive compensation with a performance methodologies, to apply certain exclusions, and to make
period of one year or less (such as annual incentives and sales or reasonable estimates and assumptions that reflect their
other bonuses), and allowances (such as personal use of compensation practices, the amount of compensation of the
company-provided vehicles). As allowed under the SEC rules, median-compensated employee and the pay ratio reported by
base pay was annualized for employees hired during the year to other companies may not be comparable to our estimates
reflect a full year of service. reported above, as other companies may have different
employment and compensation practices and may utilize
We determined the required ratio by: different methodologies, exclusions, estimates and assumptions
in calculating their own pay ratios. As permitted by the SEC
• calculating the compensation based on a consistently
rules, we used the same median employee as in 2017 and 2018,
applied measure as described above of all employees except
as there were no changes to our median employee’s status, our
the CEO, and then sorting those employees from highest to
employee population or our compensation programs in 2019
lowest;
that we would reasonably believe would result in a significant
• determining the median employee from that list, including change in our pay ratio disclosure.
evaluating employees situated slightly above and below the
calculated median to ensure the selected employee reflects
our population as a whole; and

2020 PROXY STATEMENT 67