I had to laugh when the Calgary City Police had to attend to run the four way stop and get the traffic snarl out of the way of the hangar. WestJet's profit share party traffic jam was mentioned on the radio traffic reports too.
Didn't you guys use to pay off mortgages with this stuff? I mean that hardly pays the debt owing on pervert's row. Anyway, well done just the same. I don't get one of those cheques. Sure would be nice this time of year.
tonysoprano wrote:Didn't you guys use to pay off mortgages with this stuff? I mean that hardly pays the debt owing on pervert's row. Anyway, well done just the same. I don't get one of those cheques. Sure would be nice this time of year.
I think in the hayday it was never over 10G's for a skipper. Most of the cheques just get signed over to the staff at Woody's Taphouse anyway.
I thought AC had a performance based payment plan in place similar to Profit Sharing?
Yeah tony you're confused again (re: dreamer vs dreamliner).
It would be nice to pay off a mortgage with a cheque of 10-15 thousand when the profit sharing cheques were that big but I doubt many mortgages were that small. The options that guys used to get were worth hundreds of thousands and thus the mortgages going to zero, big houses, sailboats and BMW's or a bigger truck. This is Alberta after all.
Our compensation is less complicated than your ACPA agreement, believe me.
Options are risky and many were unhappy with the old situation and so our new agreement modernized the approach. We only got a one-time 6% raiseto our salary over the three year term. The big change is the options we used to get can now be converted into salary (cash) at four levels at your discretion once a year. An example would be for 2006, let's say you're a first-year skipper and you decide that you want the high salary (cash) and go for only 25% option compensation. You could also have chosen 50%, 75% or 100%. Therefore, you would get an option value as determined by the Black-Scholes accounting method of about $10,000 instead of the usual $40,000 (25%). That $30,000 difference is then paid to you as salary, in other words your hourly rate goes up from $77.78 to $109.96. You would go from about $75,000/year to about $105,000. The downside is that you lose 75% of your option and there are many philosophies to consider with that. If you believe that the share price is going to provide average return over the four year life of the option and you're going to do minimal overtime then a full option grant is for you. If you don't mind paying the taxman, your gonna work OT and you want the cash now, a low option is for you. The list goes on...
See that's why I couldn't work for WJ. The pay structure would confuse me too much. [/quote]
It's confusing. However my head hurts when I look at the ACPA contract to figure out formula pay. The good part is that either system is trying to produce the same thing... dollar signs and days off.
The ACPA contract. Let's not go there. It's an inch and a half thick of lawyer-friendly, pilot-confusing language. It's a great sleep inducing tool for those nights when you can't fall asleep. But without one, we'd be just another monkey in the jungle.
Mach.
Thanks for the effort dude. Yep, clear as mud now. The best we can do at AC is own stock, at our option, but trust me, it won't make you rich.