After a year of record results in a resurgent dry bulk market, Eagle Bulk Shipping chief executive Gary Vogel saw his overall compensation package for 2021 double compared to the previous year.
Vogel saw total pay of $3.4m, against 2020 compensation of $1.68m, according to a proxy form filed on Wednesday with US securities regulators.
Most of the difference came in stock-based awards and a cash bonus, as Vogel’s base salary of $678,410 was virtually unchanged from the prior year.
Restricted stock awards came to about $1.7m, more than an eight-fold increase over 2020. Vogel’s cash bonus of $1.08m topped the $761,000 granted a year earlier.
The increases reversed a two-year trend in which Eagle executives saw pay drop.
Vogel had earned a total package valued at $2.59m in 2019, with restricted stock making up $1.04m. The figure compensation package was $3.5m in 2018, including $1.9m in restricted stock.
Grants of restricted stock are designed to align a manager's interests with the stock performance of his company.
The valuations assigned to the grants are done under accounting models and can vary significantly from their ultimate worth depending on share performance.
Eagle Bulk reached a number of milestones during 2021 in a stretch that was strong for the dry bulk market more generally.
Eagle instituted a substantial shareholder dividend in October for the first time since Vogel took the Eagle helm in 2015 on the back of a $400m bank refinancing.
The Stamford, Connecticut-based shipowner also made further progress on a fleet renewal and expansion programme that has seen it grow to 53 supramax and ultramax bulkers with an average age of nine years.
On a personal basis, Vogel was recognised earlier this year with the Connecticut Maritime Association’s Commodore Award in acknowledgement of his work with the New York-listed owner.
Eagle chief financial officer Frank De Costanzo also did better financially as Eagle did better.
De Costanzo's compensation package of $1.5m also was more than double the $678,000 he earned in 2020.
While De Costanzo’s base salary remained unchanged at $425,000 his stock awards soared to some $700,000. A cash bonus jumped to $300,000 from $173,000.