Pay vs Performance Disclosure
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12 Months Ended |
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Dec. 31, 2024
USD ($)
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Dec. 31, 2023
USD ($)
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Dec. 31, 2022
USD ($)
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Dec. 31, 2021
USD ($)
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Dec. 31, 2020
USD ($)
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| Pay vs Performance Disclosure |
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| Pay vs Performance Disclosure, Table |
As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive “Compensation Actually Paid” and the financial performance of our Company. This disclosure does not necessarily align with how we view the relationship between the Company’s performance and named executive officer compensation. The below table shows Compensation Actually Paid to our CEO and other named executive officers as calculated by adjusting the Summary Compensation Table total amounts for the applicable year.
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Summary
Compensation
for CEO (1) |
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Compensation
Actually Paid to
CEO (2) |
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Average
Summary
Compensation
for Other
Named
Executive
Officers (3) |
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Average
Compensation
Actually Paid to Other
Named
Executive
Officers (4) |
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PFSI Total
Stockholder
Return (5) |
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Peer Group
Total
Stockholder
Return (5) |
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2024 |
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$ |
10,595,840 |
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$ |
9,643,304 |
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$ |
3,667,547 |
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$ |
3,429,983 |
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$ |
319.4 |
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$ |
132.2 |
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$ |
311 Million |
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9 |
% |
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2023 |
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$ |
7,258,483 |
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$ |
14,532,470 |
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$ |
2,630,061 |
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$ |
4,875,605 |
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$ |
273.5 |
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$ |
120.5 |
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$ |
145 Million |
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4 |
% |
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2022 |
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$ |
9,671,051 |
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$ |
6,517,122 |
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$ |
3,445,387 |
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$ |
2,243,109 |
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$ |
173.3 |
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$ |
82.9 |
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$ |
476 Million |
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14 |
% |
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2021 |
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$ |
13,575,224 |
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$ |
17,262,152 |
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$ |
5,473,525 |
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$ |
6,931,492 |
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$ |
210.3 |
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$ |
101.2 |
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$ |
1.0 Billion |
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29 |
% |
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2020 |
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$ |
12,375,328 |
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$ |
20,796,560 |
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$ |
4,887,892 |
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$ |
8,302,467 |
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$ |
195.3 |
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$ |
86.2 |
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$ |
1.6 Billion |
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61 |
% |
| (1) |
Mr. Spector was our principal executive officer (“CEO”) for all years shown. The amounts reported are the amounts of total compensation reported for our CEO for each corresponding year in the “Total” column of the Summary Compensation Table in each applicable year. |
| (2) |
The amount reported represents the Compensation Actually Paid to our CEO, computed in accordance with Item 402(v) of Regulation S-K, but does not reflect the actual amount of compensation earned by or paid to our CEO in the applicable year. Compensation Actually Paid is calculated by making the following adjustments to the Summary Compensation Table amounts for our CEO: | Adjustments to Determine Compensation “Actually Paid” for the CEO (7)
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SUMMARY COMPENSATION – CEO |
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• Deduction for Equity Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table |
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($ |
6,431,860 |
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• Deduction for Equity Amounts Reported under the “Non-Equity Incentive Compensation” Column in the Summary Compensation Table |
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— |
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• Fair Value of Equity Awards Granted during the Fiscal Year that Remain Unvested as of Fiscal Year-End |
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7,916,830 |
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• Fair Value of Equity Awards Granted during Fiscal Year that Vested during the Fiscal Year |
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— |
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• Change in Fair Value of Prior Fiscal Year-End Equity Awards that were Unvested as of Fiscal Year-End |
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(2,295,931 |
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• Change in Fair Value of Prior Fiscal Year-End Equity Awards that Vested during Fiscal Year |
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(309,970 |
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• Dividends paid during Fiscal Year before Vesting Date of Equity Awards |
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168,395 |
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COMPENSATION ACTUALLY PAID - CEO |
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ADJUSTMENTS FROM SUMMARY COMPENSATION |
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| (3) |
The amounts reported represent the average of the amounts reported for the Company’s named executive officers as a group (excluding our CEO), in the “Total” column of the Summary Compensation Table in each applicable year. The executive officers used to calculate the other named executive officers average in each year include Andrew Chang, Vandad Fartaj, Jeffrey Grogin and Doug Jones for 2020; Andrew Chang, Vandad Fartaj, Doug Jones and Daniel S. Perotti for 2021; Vandad Fartaj, James Follette, Doug Jones and Daniel S. Perotti for 2022; William Chang, James Follette, Doug Jones and Daniel S. Perotti for 2023 and James Follette, Doug Jones, Daniel S. Perotti and Derek W. Stark for 2024. |
| (4) |
The amounts reported represent the average Compensation Actually Paid to the other named executive officers other than our CEO as a group, computed in accordance with Item 402(v) of Regulation S-K. The amounts do not reflect the actual average amount in compensation earned by or paid to such other named executive officers as a group in the applicable year. Compensation Actually Paid is calculated by making the following adjustments to the Summary Compensation Table amounts for the Other Named Executive Officers: |
Adjustments to Determine Average Compensation “Actually Paid” for the Other Named Executive Officers (7)
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SUMMARY COMPENSATION – OTHER NAMED EXECUTIVE OFFICERS |
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• Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table |
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(1,924,359 |
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• Deduction for Equity Amounts Reported under the “Non-Equity Incentive Compensation” Column in the Summary Compensation Table |
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— |
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• Fair Value of Equity Awards Granted during the Fiscal Year that Remain Unvested as of Fiscal Year End |
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2,368,650 |
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• Fair Value of Equity Awards Granted during Fiscal Year that Vested during the Fiscal Year |
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— |
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• Change in Fair Value of Prior Fiscal Year-End Equity Awards that were Unvested as of Fiscal Year-End |
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(641,023 |
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• Change in Fair Value of Prior Fiscal Year-End Equity Awards that Vested during Fiscal Year |
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(90,406 |
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• Dividends paid during Fiscal Year before Vesting Date of Equity Awards |
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49,574 |
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COMPENSATION ACTUALLY PAID – OTHER NAMED EXECUTIVE OFFICERS |
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ADJUSTMENTS FROM SUMMARY COMPENSATION |
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| (5) |
Based on initial investment of $100 on December 31, 2019 and a cumulative Total Shareholder Return (PFSI Fiscal Year 2020 = 95.3%, Fiscal Year 2021 = 7.7%, Fiscal Year 2022 = -17.6%, Fiscal Year 2023 = 57.8%, Fiscal Year 2024 = 16.8%) and (Dow Jones U.S. Mortgage Finance Total Return Index Fiscal Year 2020 = -13.8%, Fiscal Year 2021 = 17.3%, Fiscal Year 2022 = -18.0%, Fiscal Year 2023 = 45.3%, Fiscal Year 2024 = 9.7%). |
| (6) |
Our Company Selected Measure is Return on Equity, which is calculated as Net Income attributable to common stockholders for a fiscal year divided by average monthly common stockholders’ equity. |
| (7) |
The fair values in the tables above have been computed in accordance with the methodology used for financial reporting purposes and, as applicable for awards subject to performance-based vesting conditions, based on the probable outcome of such performance-based vesting conditions as of the last day of the fiscal year. |
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| Company Selected Measure Name |
Return on Equity
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| Named Executive Officers, Footnote |
The amounts reported represent the average of the amounts reported for the Company’s named executive officers as a group (excluding our CEO), in the “Total” column of the Summary Compensation Table in each applicable year. The executive officers used to calculate the other named executive officers average in each year include Andrew Chang, Vandad Fartaj, Jeffrey Grogin and Doug Jones for 2020; Andrew Chang, Vandad Fartaj, Doug Jones and Daniel S. Perotti for 2021; Vandad Fartaj, James Follette, Doug Jones and Daniel S. Perotti for 2022; William Chang, James Follette, Doug Jones and Daniel S. Perotti for 2023 and James Follette, Doug Jones, Daniel S. Perotti and Derek W. Stark for 2024.
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| Peer Group Issuers, Footnote |
Based on initial investment of $100 on December 31, 2019 and a cumulative Total Shareholder Return (PFSI Fiscal Year 2020 = 95.3%, Fiscal Year 2021 = 7.7%, Fiscal Year 2022 = -17.6%, Fiscal Year 2023 = 57.8%, Fiscal Year 2024 = 16.8%) and (Dow Jones U.S. Mortgage Finance Total Return Index Fiscal Year 2020 = -13.8%, Fiscal Year 2021 = 17.3%, Fiscal Year 2022 = -18.0%, Fiscal Year 2023 = 45.3%, Fiscal Year 2024 = 9.7%).
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| PEO Total Compensation Amount |
$ 10,595,840
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$ 7,258,483
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$ 9,671,051
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$ 13,575,224
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$ 12,375,328
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| PEO Actually Paid Compensation Amount |
$ 9,643,304
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14,532,470
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6,517,122
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17,262,152
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20,796,560
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| Adjustment To PEO Compensation, Footnote |
| (2) |
The amount reported represents the Compensation Actually Paid to our CEO, computed in accordance with Item 402(v) of Regulation S-K, but does not reflect the actual amount of compensation earned by or paid to our CEO in the applicable year. Compensation Actually Paid is calculated by making the following adjustments to the Summary Compensation Table amounts for our CEO: | Adjustments to Determine Compensation “Actually Paid” for the CEO (7)
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SUMMARY COMPENSATION – CEO |
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• Deduction for Equity Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table |
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($ |
6,431,860 |
) |
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• Deduction for Equity Amounts Reported under the “Non-Equity Incentive Compensation” Column in the Summary Compensation Table |
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— |
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• Fair Value of Equity Awards Granted during the Fiscal Year that Remain Unvested as of Fiscal Year-End |
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7,916,830 |
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• Fair Value of Equity Awards Granted during Fiscal Year that Vested during the Fiscal Year |
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— |
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• Change in Fair Value of Prior Fiscal Year-End Equity Awards that were Unvested as of Fiscal Year-End |
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(2,295,931 |
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• Change in Fair Value of Prior Fiscal Year-End Equity Awards that Vested during Fiscal Year |
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(309,970 |
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• Dividends paid during Fiscal Year before Vesting Date of Equity Awards |
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168,395 |
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COMPENSATION ACTUALLY PAID - CEO |
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ADJUSTMENTS FROM SUMMARY COMPENSATION |
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| Non-PEO NEO Average Total Compensation Amount |
$ 3,667,547
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2,630,061
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3,445,387
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5,473,525
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4,887,892
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| Non-PEO NEO Average Compensation Actually Paid Amount |
$ 3,429,983
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4,875,605
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2,243,109
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6,931,492
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8,302,467
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| Adjustment to Non-PEO NEO Compensation Footnote |
| (4) |
The amounts reported represent the average Compensation Actually Paid to the other named executive officers other than our CEO as a group, computed in accordance with Item 402(v) of Regulation S-K. The amounts do not reflect the actual average amount in compensation earned by or paid to such other named executive officers as a group in the applicable year. Compensation Actually Paid is calculated by making the following adjustments to the Summary Compensation Table amounts for the Other Named Executive Officers: |
Adjustments to Determine Average Compensation “Actually Paid” for the Other Named Executive Officers (7)
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SUMMARY COMPENSATION – OTHER NAMED EXECUTIVE OFFICERS |
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• Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table |
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(1,924,359 |
) |
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• Deduction for Equity Amounts Reported under the “Non-Equity Incentive Compensation” Column in the Summary Compensation Table |
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— |
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• Fair Value of Equity Awards Granted during the Fiscal Year that Remain Unvested as of Fiscal Year End |
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2,368,650 |
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• Fair Value of Equity Awards Granted during Fiscal Year that Vested during the Fiscal Year |
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— |
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• Change in Fair Value of Prior Fiscal Year-End Equity Awards that were Unvested as of Fiscal Year-End |
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(641,023 |
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• Change in Fair Value of Prior Fiscal Year-End Equity Awards that Vested during Fiscal Year |
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(90,406 |
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• Dividends paid during Fiscal Year before Vesting Date of Equity Awards |
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49,574 |
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COMPENSATION ACTUALLY PAID – OTHER NAMED EXECUTIVE OFFICERS |
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ADJUSTMENTS FROM SUMMARY COMPENSATION |
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| Compensation Actually Paid vs. Total Shareholder Return |
| (1) |
TSR is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the Company’s share price at the end of each fiscal year shown and the beginning of the measurement period by the Company’s share price at the beginning of the measurement period. The beginning of the measurement period for each year is the closing price on December 31, 2019. | Compensation Actually Paid and TSR (1)
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| Compensation Actually Paid vs. Net Income |
Compensation Actually Paid and Net Income
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| Compensation Actually Paid vs. Company Selected Measure |
Compensation Actually Paid and ROE
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| Total Shareholder Return Vs Peer Group |
Compensation Actually Paid and TSR (1)
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| Tabular List, Table |
Most Important Financial Performance Measures The Compensation Committee utilizes several performance measures and factors to align executive compensation with Company performance not reflected in the Pay Versus Performance table or the Compensation Actually Paid measures. In our assessment, the most important financial performance measures used to determine Compensation Actually Paid to our CEO and other named executive officers in Fiscal 2024 to Company performance were:
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Return on Equity |
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Leverage Ratio |
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Stockholder Return |
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Strategic Factors |
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| Total Shareholder Return Amount |
$ 319.4
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273.5
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173.3
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210.3
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195.3
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| Peer Group Total Shareholder Return Amount |
132.2
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120.5
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82.9
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101.2
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86.2
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| Net Income (Loss) |
$ 311,000,000
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$ 145,000,000
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$ 476,000,000
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$ 1,000,000,000
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$ 1,600,000,000
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| Company Selected Measure Amount |
0.09
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0.04
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0.14
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0.29
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0.61
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| PEO Name |
Mr. Spector
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| Measure:: 1 |
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| Pay vs Performance Disclosure |
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| Name |
Return on Equity
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| Measure:: 2 |
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| Pay vs Performance Disclosure |
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| Name |
Leverage Ratio
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| Measure:: 3 |
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| Pay vs Performance Disclosure |
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| Name |
Stockholder Return
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| Measure:: 4 |
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| Pay vs Performance Disclosure |
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| Name |
Strategic Factors
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| PEO |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
$ (952,536)
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| PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
7,916,830
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| PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
(2,295,931)
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| PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
(309,970)
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| PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
168,395
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| PEO | Stock Awards And Option Awards [Member] |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
(6,431,860)
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| Non-PEO NEO |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
(237,564)
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| Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
2,368,650
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| Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
(641,023)
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| Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
(90,406)
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| Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
49,574
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| Non-PEO NEO | Stock Awards And Option Awards [Member] |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
$ (1,924,359)
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