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D.R. Horton executives awarded bonuses despite builder's losses

December 20, 2007|From the Associated Press

dallas -- The top two executives at home builder D.R. Horton Inc. received bonuses of nearly $1.6 million each although the company suffered heavy losses in the worst housing downturn in years, according to a regulatory filing Wednesday.

The bonuses made up most of the compensation paid to Chairman Donald R. Horton and Chief Executive Donald J. Tomnitz during the Fort Worth-based company's fiscal year, which ended Sept. 30.

Horton, 57, got "incentive bonus payments" of $1.59 million, a $400,000 salary, $32,611 in above-market earnings on deferred pay and $46,750 in other compensation, according to the filing.

Tomnitz, 59, got the same incentive bonus, plus $300,000 in salary, $23,582 in above-market deferred pay earnings and $46,750 in other compensation.

Each man received cash bonuses of $12.1 million in 2006, $12.8 million in 2005 and $8.3 million in 2004, when housing markets were booming. The company said in a Securities and Exchange Commission filing that neither man got a conventional cash bonus this year, although another executive got a $500,000 cash bonus and two others got $300,000 each.

Horton lost $712.5 million in the fiscal year as it reduced inventory and wrote down the value of assets. The company cut 2,500 jobs during the year -- 29% of its workforce.

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