Paying for Performance When Earnings Slide

Exelon Corp.'s top executives received above-target cash bonuses five times in the six years from 2007 through 2012. The payouts were based on the electricity producer's version of 'adjusted' earnings per share. Over that time, the company's share price lost more than half its value, according to company filings and data compiled by Bloomberg.

Published Sept. 12, 2013

1 - Exelon adjusts earnings to exclude significant one-time charges and credits not associated with ongoing operations; mark-to-market adjustments from economic hedging activities; and unrealized gains and losses from investments in nuclear decommissioning trust funds.

2 - Bloomberg calculation

Note: Analysts' estimates from Bloomberg Professional Service

Sources: Company filings, data compiled by Bloomberg