美联社（the Associated Press）及其他媒体纷纷报道称，蒂姆•库克是2011年收入最高的首席执行官，事实真是如此吗？除非你认为躲在林子里的野鸭子跟锅里煮熟的鸭子一样值钱。

    根据苹果（Apple）周一提交的股东委托书，该公司于2011年：

    向库克支付了900,017美元工资；

    为其401(K)养老金账户缴款1.47万美元；

    支付了价值1,820美元的人寿保险保费。

    以上就是蒂姆•库克2011年的实际收入。

    记者们最感兴趣的乃是库克去年8月获得的100万限制性股票（RSU），据称，这些股份兼有“奖励晋升及慰留人才”之用。

    换句话说，就是要把他留在苹果。

    从纸面上看，按照赠与时的股价计算，这批股份价值超过3.76亿美元。可在2011年，他们还一文不值。其中一半要到2016年，也就是赠与5年之后才能成权，另外一半更是要等到2021年——“前提是库克先生持续为本公司效力。”正如授权委托书所说：

    “发放这批限制性股票奖励的目的是，给库克先生以长期效力的动力。正因为如此，它应当被视为长达10年的成权期内的总薪酬，而不是2011这一年的薪酬。”

    不过，美国证券监督管理委员会（SEC）看待限制性股票的角度不同。该机构要求，公司必须在赠与股权的当年，就将其全部价值入账。因此，用词谨慎的记者们将这3.78亿美元称为库克的“总薪酬组合”。

    为免读者误解，我多说几句：库克去年8月接替史蒂夫•乔布斯担任苹果首席执行官之前是该公司首席运营官。他是一位亲力亲为的经理人，保证苹果的供应链高效运转。2011财年中，苹果公司营收高达1,080亿美元。在2011这个自然年度中，其市值增加了超过700亿美元。截至去年9月，苹果持有的现金和有价证券价值815.7亿美元，且没有债务。

    就算蒂姆•库克2011年真拿到了3.78亿美元，我们都有理由说：他值这个价。

    译者：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.