Apple chief passes on $75 mn in stock dividends

Apple chief executive Tim Cook has opted not to take $75 million in dividend payout on restricted shares of stock he owns in the maker of iPhones, iPads, iPods and Macintosh computers. Documents on file with the US Securities and Exchange Commission on Friday said that while other Apple employees will be awarded quarterly "dividend equivalents" of $2.65 on restricted shares, Cook asked not to be included. Restricted shares typically don't qualify for dividends, so the decision by Apple's board amounts to bonuses for employees of the Cupertino, California-based company. Cook has 1.125 million shares of restricted stock in the process of vesting, making him eligible for about $75 million in dividend value, according to the SEC filing. Cook, who took the helm of the iPhone and iPad maker in August last year, two months before the death of founder Steve Jobs, clocked in total annual compensation of $378 million. Cook earned $900,000 for his annual salary and $900,000 for his annual incentives. But he scooped up a cool $376 million in restricted stock grants, based on Apple's stock price at the time. Apple's coffers continued to swell in the first three months of the year due to record sales of iPhones and iPad tablet computers, particularly in China and other parts of Asia. Apple reported that it made a profit of $11.6 billion on revenue of $39.2 billion in the quarter ended March 31. The amount of cash Apple had on hand grew $12 billion to $110.2 billion. Its long streak of blockbuster earnings prompted Apple in March to announce it will begin paying quarterly dividends and buying back stock.