By: Mark Fitzgerald Top executives at GateHouse Media Inc. -- whose stock lost more than half its value even as it continued to buy up community newspapers -- chose shares over cash at bonus time, the company disclosed in a Securities and Exchange Commission (SEC) filing Thursday.
The executives were awarded restricted stock grants (RSG) plus cash bonuses that vest in one-third increments on the first, second, and third anniversaries of Jan. 3, 2008. The company said the executives also had the option of taking some or all of their cash bonus awards in "chosen" RSGs that vest beginning in April.
The filing shows CEO Mike Reed took $100,000 in cash and 5,967 chosen RSGs. He was also awarded 23,867 RSGs.
Co-President and Co-COO Scott Champion took no cash bonus and received 5,967 in chosen RSGs and another 5,967 in awarded RSGS.
CFO Mark R. Thompson took a $65,000 cash bonus and 4,177 chosen RSGs. He was also awarded 11,934 RSGs.
GateHouse was once a Wall Street darling for its business model of building free cash-flow quickly by acquiring smaller-market papers and paying out dividends larger than most newspaper companies. But in recent month, Fairport, N.Y.-based GateHouse has seen its stock fall to earth. In calendar 2007, its stock price plunged 52.7%.
On early trading Thursday, GateHouse was trading at $8.76, up 40 cents, or 4.78%.
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