The studio, in a 14A filing Friday with the Securities and Exchange Commission, said that the difference stemmed from how it valued Feltheimer’s 94,169 restricted stock units. By using the current “fair value” of those units, rather than the Black-Scholes formula used to estimate future values, the CEO’s stock awards compensation rose by $2.7 million to $14.4 million.
The studio had disclosed Tuesday in its proxy statement to shareholders that the five-fold jump in compensation from $12.6 million to $63.6 million stemmed from Feltheimer signing a new five-year contract in June, 2013.
“Because the company entered into a new employment agreement during fiscal 2014, the compensation for Mr. Feltheimer reported in the table for fiscal 2014 is significantly higher than his compensation reported for prior fiscal years and the compensation we expect will be reported for him in future fiscal years,” Lionsgate said at the time.
Lionsgate stock has quadrupled in value in the past three years due to successes in young-adult franchises such as “Twilight” and “The Hunger Games” and a growing TV operation with shows including “Mad Men” and “Nurse Jackie.”