His board gave him a score of 42.1% for 2013. (That includes a score of 0% for "distribution effectiveness.")

And a result, the board of Calamos Asset Management cut the 2013 incentive awards for chairman, chief executive and co-chief investment officer John Calamos by more than 40% compared to what they awarded him for 2012.

As a result, Calamos' total compensation for 2013 was $3,934,615. His total compensation for 2012 was $4,475,117. In 2011, his total compensation was $5,729,428.

The decrease in total compensation for 2013, compared to 2012, was 17%.

Calamos' base pay for all three years was $720,000, which is a voluntary cut of $100,000 from the base salary assigned him in 2007.

The comments of Calamos' Compensation on the subject can be found in the firm's Proxy letter, notice, statement and card, which can be directly accessed here. (If you have trouble accessing this page, you can go to the firm's proxy material webpage and find the proxy letter link there.)

According to the letter, Calamos's compensation consisted of the following parts: 18% base salary; 37% short-term (annual) incentive; 39% Long-term equity incentive and 6% Other. Here are some important points from that proxy letter:

Given our performance-based compensation program, our Chief Executive Officer's compensation in 2013 was significantly below that of 2012, primarily due to a 42% reduction in short-term incentive compensation. This reduction was driven by the company falling below all three of its targets measures as more fully described below. In addition, in response to our reduced financial performance, long-term incentive awards were significantly below target levels, as has been the case each year since the economic downturn in 2008.

As part of its year-end process, the committee approved the payment of 2013 short-term non-equity incentive (annual bonus) wards. The committee noted that the company fell below all three target measures. Each measure was comprised of two or more components which were weighted and scored baed on 2013 results as follows:

Distribution effectiveness, as measured by net sales (exceeding closed products), and new product effectiveness: Net sales (excluding closed products) of a negative $6.9 billion and new product effectiveness of $0.1 billion fell far below our thresholds and resulted in zero scoring out of a 33% target score for this component.

Portfolio performance, as measured by rankings and ratings of the Calamos mutual funds relative to their peer group: Compared to peer rankings over the one-, three-, and five- year periods, 40% of our funds placed in the top half of their peer rankings compared to the target of 70%; asset-weighted percentile rankings over the one-, three- and five-year periods of 48.2% compared to the target of the top 40%; and 58% asset-weighted percentile rankings over one year for certain of our funds compared to a 40% target, producing a combined portfolio performance score of 26% out of a target score of 34% for this component; and

Financial performance, as measured by non-GAAP earnings per share and operating margin: The company fell just below its target measure of Non-GAAP earnings per share and fell below its threshold measure for operating margin. Non-GAAP earnings per share of $0.92 compared to a target of $1.00 and operating margin of 28.9% compared to a target of 29.0% resulted in a score of 16.1%; below the 33% target score for this component.

Combining these scores produced an overall score of 42.1%.

In accordance with their employment agreements and consistent with industry practice, the target annual incentive for Messrs. Calamos and [executive vice president and co-chief investment officer Gary] Black was 600% and 300% of their base salary, respectively.

In determining the 2013 short-term incentive for Calamos, the committee considered the overall score of 42.1%, but also noted the decline in the company's operating income compared to 2012. As a result, the committee approved a 2013 short-term incentive of approximately 32% of his target incentive, more than 40% below his 2012 annual incentive.

Board members did note positive elements for the year, such as "sustained positive flows into the alternative strategies" and "improved need flows within reopened Calamos Funds." The firm also "expanded the number of investment products," and "maintained balance sheet strength, with high levels of liquidity relative to debt."

The year 2013 was a busy one for the firm. For example, former president James Boyne left the company in August, just six months after his promotion to the position, and just shy of a year after the departure of previous president Nick Calamos.

During much of the year, the firm engaged in a buyback program of its outstanding stock. Calamos then unveiled Calamos Partners, a vehicle by which employees can invest in the firm.

Currently, the Calamos family, via their own vehicle Calamos Family Partners, owns just over 78% of the firm's stock. 

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