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Friday, May 18, 2012

Can Someone Explain How This Man Deserves These Bonuses?

Company is cash starved, massively disappointing on its production, yet the CEO still gets rewarded every year:

Executive Compensation
The Summary Compensation Table set forth below includes information regarding the compensation of ATP’s Chief Executive Officer, Chief Financial Officer and each of the company’s three other most highly compensated executive officers (the “Named Executive Officers” or “NEOs”) for the years ended December 31, 2011, 2010 and 2009. The Stock Awards and Option Awards columns reflect the “grant date fair value” of awards made in 2011, 2010 and 2009 to the Named Executive Officers, calculated in accordance with SEC regulations issued in December 2009. See footnote 3 below the table for further detail on these calculations. There were no stock option exercises by the Named Executive Officers in 2011.
Summary Compensation Table

Name and Principal Position
 Year  Salary
($)
  Bonus
(1) ($)
  Stock
Awards
(2) ($)
  Option
Awards
(2) ($)
  Non-Equity
Incentive Plan
Compensation
($)
  All Other
Compensation
($) (3)
  Total
(4) ($)
 
T. Paul Bulmahn
  2011    700,000    3,150,000    1,215,006(5)   —      —      9,800    5,074,806  
Chairman and Chief
  2010    700,000    3,150,000    1,115,043(6)   —      —      9,800    4,974,843  
Executive Officer
  2009    700,000    2,950,000    405,311(7)   —      —      9,800    4,065,111  

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