Burning the midnight oil?

Directors at ITT Industries (ITT) must be putting a lot more hours into their part-time jobs. How else to explain the hefty raise in directors fees that the company disclosed last week in this 8-K filed last week.

Under the old plan, directors received $50,000 a year in restricted stock and got another $25K in either cash, deferred cash, or restricted stock. And last year, non-employee directors got another $25K worth of options, bringing the total to $100K. But that all changed last Thursday, when directors gave themselves an 80% raise, and bumped their fees up to $180K a year. Under the new plan, directors get $50K in cash and another $130K divided between restricted stock and stock options.

While it’s certainly a plus that so much of the compensation is in stock, an 80% raise is still mighty generous.