AMR: CEO's $2.7M stock, options likely worthless

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Associated Press

Posted on February 15, 2012 at 9:01 PM

Updated Wednesday, Feb 15 at 9:02 PM

DALLAS (AP) — The CEO of American Airlines got stock and option awards that were valued at nearly $2.7 million when they were granted last year, but the company says the grants are virtually worthless since American filed for bankruptcy protection.

CEO Thomas W. Horton's compensation in 2011 would be valued at $3.3 million using The Associated Press' formula of including the value of stock and options when they were granted.

But a spokesman for American's parent company, AMR Corp., says that Horton's compensation should be put at $650,196 — virtually the same as in 2010, before he was promoted to CEO — because the stock and option awards will not be distributed.

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