His compensation included a base salary of $1,000,000, stock awards of $13,366,897, and option awards of $6,441,092.

Combined with the size of the option awards, the market's advance has delivered a stunning windfall to corporate chieftains almost regardless of individual performance.

That is why the 90's produced burdensome excess capacity in many industries, especially telecommunications and the technology industry, where option awards are most common.

After the initial $20,000 grant, managers' option awards will vary, depending on their restaurants' performance.

Mr. Crystal estimated that the latest option award was probably worth about $900,000, based on the historical performance of companies' share prices.

Golden parachutes and make-whole option awards may be necessary to lure a seasoned leader to a tough situation, but those protections are often left in place.

Some note that while option awards have increased, the value of the awards has collapsed.

But it left the door wide open for companies to continue issuing gargantuan option awards without harming earnings for three more years.

A few executives who received very large long-term bonus and option awards account for the big difference from the average.

Of course, most companies avoided discounted option awards.