- 33 -
10/31/1987 10/31/1988 10/31/1989 10/31/1990 10/31/1991
After-tax rate of return 17.5% 19.57% 21.61% 20.29% 20.72%
Taxable income plus officers' $150,653 $210,218 $401,296 $1,109,855 $1,679,642
compensation
Fair return on capital
Value begin year 315,766 370,993 443,716 539,478 648,787
Pretax rate of return1 26.5% 29.7% 32.7% 30.7% 31.4%
Fair pretax return 83,678 110,185 145,095 165,620 203,719
Available for officers' compensation 66,975 100,033 256,201 944,235 1,475,923
Actual compensation 81,282 125,912 240,912 304,478 1,090,100
Under/(over) compensation (14,307) (25,879) 15,289 639,757 385,823
Cumulative under/(over) compensation (14,307) (40,186) (24,897) 614,860 1,000,683
10/31/1992 10/31/1993 10/31/1994 10/31/1995 10/31/1996
After-tax rate of return 19.76% 19.67% 17.59% 18.60% 17.18%
Taxable income plus officers' 1,890,204 1,496,007 1,495,008 1,602,811 1,185,395
compensation
Fair return on capital
Value begin year 783,242 937,807 1,122,255 1,320,019 1,565,701
Pretax rate of return1 29.9% 29.8% 26.7% 28.2% 26.0%
Fair pretax return 234,189 279,467 299,642 372,245 407,082
Available for officers' compensation 1,656,015 1,216,540 1,195,366 1,230,566 778,313
Actual compensation 786,700 988,920 1,246,369 1,294,888 1,099,765
Under/(over) compensation 869,315 227,620 (51,003) (64,322) (321,452)
Cumulative under/(over) compensation 1,869,997 2,097,618 2,046,615 1,982,293 1,660,840
1Pretax rate of return divided by 34 percent Federal tax rate.
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