The compensation committee of Naples, Fla.-based Health Management Associates has approved long-term incentive compensation packages for several top executives, including CEO Gary Newsome, based on the for-profit hospital's profitable 2012, according to a recent filing with the U.S. Securities and Exchange Commission.
Mr. Newsome will receive roughly $1.67 million in long-term cash awards under Health Management's 2012 incentive program, and CFO Kelly Curry will receive $562,500. The amounts vest in 25 percent increments on March 1, 2013, 2014, 2015 and 2016. The compensation committee also approved cash compensation payments of $1.35 million for Mr. Newsome and $729,000 for Mr. Curry. In total, Mr. Newsome will receive more than $3 million in incentives and cash, and Mr. Curry will take in $1.29 million.
The compensation committee approved the payouts based on Health Management's profit goals. Health Management bases its executive compensation bonuses on adjusted EBITDA, which is a measure of profit, and in fiscal year 2012, the for-profit hospital operator met its goal of 104 percent of adjusted EBITDA.
Health Management also approved a 2013 annual incentive compensation program for top executives, which will be similar to the 2012 layout. However, Mr. Newsome and Mr. Curry will have to meet certain quality requirements, in addition to the company's adjusted EBITDA goals.
Health Management has not yet released full compensation details for its top executives for FY 2012. In 2011, Mr. Newsome earned $7.11 million, and Mr. Curry made $3.41 million.
Mr. Newsome will receive roughly $1.67 million in long-term cash awards under Health Management's 2012 incentive program, and CFO Kelly Curry will receive $562,500. The amounts vest in 25 percent increments on March 1, 2013, 2014, 2015 and 2016. The compensation committee also approved cash compensation payments of $1.35 million for Mr. Newsome and $729,000 for Mr. Curry. In total, Mr. Newsome will receive more than $3 million in incentives and cash, and Mr. Curry will take in $1.29 million.
The compensation committee approved the payouts based on Health Management's profit goals. Health Management bases its executive compensation bonuses on adjusted EBITDA, which is a measure of profit, and in fiscal year 2012, the for-profit hospital operator met its goal of 104 percent of adjusted EBITDA.
Health Management also approved a 2013 annual incentive compensation program for top executives, which will be similar to the 2012 layout. However, Mr. Newsome and Mr. Curry will have to meet certain quality requirements, in addition to the company's adjusted EBITDA goals.
Health Management has not yet released full compensation details for its top executives for FY 2012. In 2011, Mr. Newsome earned $7.11 million, and Mr. Curry made $3.41 million.
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