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Methodology

Home Textiles Today's Executive Compensation Report is based on data from public documents filed with the Securities and Exchange Commission. All files are for the companies' 2003 fiscal year and the comparable fiscal year two years prior.

For the purpose of comparability in this report, cash compensation is defined as annual salary plus bonus plus any long-term incentive plan payouts; it excludes other cash compensation and any form of stock options.

In this report, the value of stock options on the main table refers to the value of options exercised in 2003, as stated in the company's proxy statement.

The report was prepared by senior research specialist Janice Chamberlain and database coordinator Cynthia Myers. Business editor Don Hogsett and director of market research Kay Anderson oversaw the project.

Vendor salaries
Top and bottom 5 vendors by descending amounts of 2003 salary

Straight salary, excluding bonus, other cash compensation and stock options
Top Five
Thomas M. Duff, Wellman $690,000
Larry A. Liebenow, Quaker Fabric 673,200
Jeffrey S. Lorberbaum, Mohawk 667,000
Joseph L. Lanier, Dan River 575,000
Holcombe T. Green Jr., WestPoint Stevens 531,094
Bottom Five
Nanci Freeman, Crown Crafts $245,000
Joseph C. Tucker, Wellman 241,292
Franklin N. Saxon, Culp 232,875
Thomas Muzekari, Quaker Fabric 231,540
Rodney A. Smith, Culp 200,000


Retail Salaries
Top and bottom 5 retailers by descending amounts of 2003 salary

Sstraight salary, excluding bonus, other cash compensation and stock options
Top Five
Robert L. Nardelli, Home Depot $2,000,000
Robert J. Ulrich, Target 1,571,925
Eugene S. Kahn, May Dept. Stores 1,500,000
Allen Questrom, J.C.Penney 1,350,000
James M. Zimmerman, Federated Dept. Stores 1,250,000
Bottom Five
Jack W. Busby Jr., Hancock Fabrics $249,615
John C. Beuttell, The Bombay Company 230,000
Lawrence V. Jackson, Dollar General 216,162
Michael D. Ray, Stein Mart 210,000
Donald S. Shaffer, Dollar General 199,880


Vendor cash bonuses
Top and bottom 5 vendors by descending amounts of 2003 bonus
Slightly more than half of the textiles execs in this year's ranking picked up cash bonuses, about the same ratio as the 12 out of 21 who earned one in 2002. The biggest, $510,725, went to Jeffrey S. Lorberbaum, CEO of Mohawk, where earnings shot up by 21.3 percent. Robert G. Culp took home $353,000 from Culp Fabrics, as the company swung to a profit from a loss, and earnings before one-time charges soared up by 83.7 percent.

Top Five
Jeffrey S. Lorberbaum, Mohawk $510,725
Robert G. Culp, Culp 353,000
W. Christopher Wellborn, Mohawk 315,000
Howard L. Dunn, Jr., Culp 309,400
M. L. (Chip) Fontenot, WestPoint Stevens 299,200
Bottom Five
William B. Kilbride, Mohawk $140,295
Arthur S. Birkins, WestPoint Stevens 120,645
Nanci Freeman, Crown Crafts 99,000
Franklin N. Saxon, Culp 98,972
Rodney A. Smith, Culp 85,000


Retail cash bonuses
Top and bottom 5 retailers by descending amounts of 2003 bonus

Top Five
Robert L. Nardelli, Home Depot $4,500,000
H. Lee Scott Jr., Wal-Mart 4,200,000
Robert J. Ulrich, Target 3,300,000
Robert L. Tillman, Lowe's 3,000,000
James M. Zimmerman, Federated Dept. Stores 2,768,800
Bottom Five
Jack W. Busby Jr., Hancock Fabrics $66,375
Dennis R. Zook, Costco 32,898
Franz E. Lazarus, Costco 32,625
G. Michael Anderson, Tuesday Morning 25,000
Michael D. Ray, Stein Mart 21,500


Retail stock options exercised
Top and bottom 5 retailers by descending amounts of 2003 stock options exercised
Options were always designed to reward superior performance, to tie pay to productivity, and that's how it worked out last year, with the biggest options, and the biggest pay packages, going to Leonard Feinstein and Warren Eisenberg, co-founders of Bed Bath & Beyond, arguably the most successful retailing organization in all of America by almost any measurable standard.

Top Five
Leonard Feinstein, Bed Bath & Beyond $52,824,470
Warren Eisenberg, Bed Bath & Beyond 52,824,470
R. Lawrence Montgomery, Kohl's 29,209,289
Robert J. Ulrich, Target 16,981,554
James M. Zimmerman, Federated Dept. Stores 12,367,202
Bottom Five
F. David Coder, Linens'n Things $165,680
Bruce E. Barkus, Family Dollar 137,610
Terry J. Lundgren, Federated Dept. Stores 98,344
Michael J. Hopkins, ShopKo Stores 85,499
Donald A. Mierzwa, Big Lots 14,875


Vendor stock options exercised
Top 5 vendors by descending amounts of 2003 stock options exercised
Given the depressed values of most home fashions stocks, stock options, once again, were virtually without any value at almost all companies that grant them. Last year, as they had the year before and the year before that, most executives found their options under water — meaning it would cost them more to exercise the option than buy the stock on the open market, making the options worthless. The exceptions to the rule last year were three companies that substantially improved their earnings — not surprisingly, three companies out of the home fashions main- stream — a floor coverings producer, Mohawk, and two decorative fabrics producers, Quaker and Culp.

Larry A. Liebenow, Quaker Fabric $2,216,010
W. Christopher Wellborn, Mohawk 987,456
H. Monte Thorton, Mohawk 675,968
Howard L. Dunn Jr., Culp 578,990
Robert G. Culp, Culp 110,250


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