Arch Coal paid Chief Executive Stephen Leer $3.07 milion in total compensation last year, according to a proxy statement filed with the SEC. That includes $800,000 in salary, $1.27 million in incentive pay and $198,008 in pension value. It also includes $224,775 for stock awards and $468,983 for stock options that Leer received in 2007 and prior years.

The SEC-required tally sheet calculates the accounting cost of shares and options that Leer received in 2007 and prior years. During the year, he got new options with a fair value of $1.88 million. If you use that figure instead of the accounting values, his total pay for the year jumps to more than $4 million.

Leer also got various perquisites. They included $9,016 worth of financial planning services, $11,860 of club dues and $15,399 of tax reimbursements, plus an “other” category of $18,302. The latter figure covered taking his wife to an out-of-town board meeting, using the company plane, getting an annual physical and receiving a company match for contributions to institutions of higher education.

If Leer loses his job as a result of a takeover, he’s entitled to $8.9 million. That includes severance of $4.8 million, an incentive payment of $800,000, retirement benefits of $1.67 million and stock options worth $1.59 million.