Brad SmithIntuit rewarded its top executives with hefty increases in compensation for the year ended July 31 as the company handed out substantial increases in stock awards compared to the prior fiscal year. The amounts brought the execs much closer to the paythey earned for fiscal 2008. And CEO Brad Smith had a very good year as his $13.9 million in total compensation was more than three times what he got in 2009, the depths of the economic downturn.

That total compared to $3.7 million last year and $11.6 million in fiscal 2008. While four of five named executives got no bonuses, they had significantly increased stock awards and also got option awards, which were not made the prior year. Although there were technically no bonuses awarded, except to CFO Neil Williams, all five got bonuses under the senior executive incentive plan.

Smith had the same $800,000 base salary as in 2009. But he had $8.5 million in stock awards, which compared to just over $2 million in 2009 and $4.9 million in 2008. His option award of $3.1 million for 2010 compared to none last year and $4.2 million for 2008. Under the incentive plan, he received $1.4 million, up from $65,418 a year earlier, but not up to the $1.7 million of two years ago.

The story was the same for the other executives as the compensation committee cited Intuit's 11-percent growth in revenue, 18 percent-increase in non-GAAP operation income and 16-percent income in non-GAAP earnings per share for the most recently ended year as the major factors in the awards.

Williams, the only executive to receive a bonus in each of the last three years, had total compensation of $4.9 million for fiscal 2010, compared to $1.7 million in 2009 and $2.9 million in 2008. He got a big boost from a stock award of $2.6 million, compared to $503,000 a year earlier. His bonus was $200,000 for the most recently ended year compared to the same amount for 2009 and $400,000 for 2008.

Kiran Patel, the EVP who heads Intuit’s Small Business Group, received just over $7 million, up from $5.5 million the prior year and $3.5 million in 2008. His $3.9 million stock award was not as significant an increase from $3.8 million in 2009. However, he received a $1.3 million option award for 2010, compared to no income from that source last year.

Sasan Goodarzi got $3.5 million in compensation for the last fiscal year in his role as SVP and general manager of the Intuit Financial Services Division.  Goodarzi had $1.5 million in compensation in 2009 and $3.3 million in 2008.  For 2010, he had a stock award of $1.9 million, compared to $296,100.  His option awards were valued at $585,648, as opposed to no option awards for 2009.

Daniel R. Maurer
, an SVP who manages the Consumer Group, had $3.8 million in compensation for 2010, his first year as a named executive. His pay included a salary of $475,000 and a $2.2 million stock award.
Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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