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????美聯(lián)社（the Associated Press）及其他媒體紛紛報(bào)道稱，蒂姆?庫(kù)克是2011年收入最高的首席執(zhí)行官，事實(shí)真是如此嗎？除非你認(rèn)為躲在林子里的野鴨子跟鍋里煮熟的鴨子一樣值錢。

????根據(jù)蘋果（Apple）周一提交的股東委托書，該公司于2011年：

????向庫(kù)克支付了900,017美元工資；

????為其401(K)養(yǎng)老金賬戶繳款1.47萬(wàn)美元；

????支付了價(jià)值1,820美元的人壽保險(xiǎn)保費(fèi)。

????以上就是蒂姆?庫(kù)克2011年的實(shí)際收入。

????記者們最感興趣的乃是庫(kù)克去年8月獲得的100萬(wàn)限制性股票（RSU），據(jù)稱，這些股份兼有“獎(jiǎng)勵(lì)晉升及慰留人才”之用。

????換句話說(shuō)，就是要把他留在蘋果。

????從紙面上看，按照贈(zèng)與時(shí)的股價(jià)計(jì)算，這批股份價(jià)值超過(guò)3.76億美元。可在2011年，他們還一文不值。其中一半要到2016年，也就是贈(zèng)與5年之后才能成權(quán)，另外一半更是要等到2021年——“前提是庫(kù)克先生持續(xù)為本公司效力。”正如授權(quán)委托書所說(shuō)：

????“發(fā)放這批限制性股票獎(jiǎng)勵(lì)的目的是，給庫(kù)克先生以長(zhǎng)期效力的動(dòng)力。正因?yàn)槿绱?，它?yīng)當(dāng)被視為長(zhǎng)達(dá)10年的成權(quán)期內(nèi)的總薪酬，而不是2011這一年的薪酬。”

????不過(guò)，美國(guó)證券監(jiān)督管理委員會(huì)（SEC）看待限制性股票的角度不同。該機(jī)構(gòu)要求，公司必須在贈(zèng)與股權(quán)的當(dāng)年，就將其全部?jī)r(jià)值入賬。因此，用詞謹(jǐn)慎的記者們將這3.78億美元稱為庫(kù)克的“總薪酬組合”。

????為免讀者誤解，我多說(shuō)幾句：庫(kù)克去年8月接替史蒂夫?喬布斯擔(dān)任蘋果首席執(zhí)行官之前是該公司首席運(yùn)營(yíng)官。他是一位親力親為的經(jīng)理人，保證蘋果的供應(yīng)鏈高效運(yùn)轉(zhuǎn)。2011財(cái)年中，蘋果公司營(yíng)收高達(dá)1,080億美元。在2011這個(gè)自然年度中，其市值增加了超過(guò)700億美元。截至去年9月，蘋果持有的現(xiàn)金和有價(jià)證券價(jià)值815.7億美元，且沒(méi)有債務(wù)。

????就算蒂姆?庫(kù)克2011年真拿到了3.78億美元，我們都有理由說(shuō)：他值這個(gè)價(jià)。

????譯者：小宇

????Was Tim Cook really the highest-paid CEO of 2011, as the Associated Press and others suggest? Only if you believe a bird in the bush is worth as much as a bird in the hand.

????According to the proxy statement Apple (AAPL) filed Monday, the company in 2011 ...

????? Paid Cook a salary of $900,017

????? Contributed $14,700 to his 401(K) account

????? Paid life-insurance premiums worth $1,820

????That's how much Tim Cook made in 2011.

????What's caught reporters' eyes is the 1 million RSUs (restricted stock units) he was granted in August as a "promotion and retention award."

????In other words, to keep him at Apple.

????On paper, the shares were worth more than $376 million when the grant was made. But in 2011, they were worthless. Half of them will vest in 2016, five years after they were granted. The other half will vest in 2021 -- "subject to Mr. Cook's continued employment with the Company." As the proxy statement puts it:

????"The RSU award is intended as a long-term retention incentive for Mr. Cook, and, accordingly, should be viewed as compensation over the 10-year vesting period and not solely as compensation for 2011."

????The SEC, however, views RSUs differently. It requires a company to book a share grant's value in the year it is granted. Which is why careful reporters are referring to that $378 million figure as Cook's "total compensation package."

????For the record, Cook -- who was Apple's chief operating officer before he succeeded Steve Jobs as CEO last August -- is a hands-on manager who makes Apple's supply chains run on time. In fiscal 2011, his company generated $108 billion in revenue. In calendar 2011, its market value grew by more than $70 billion. As of September, it had $81.57 billion in cash and marketable securities in the bank and zero debt.

????If Tim Cook had been paid $378 million in 2011, you could argue that he was worth it.