companies (those used for purposes of determining fiscal 2018 compensation are listed below). Excluding Ms. Day who separated from our Company during fiscal 2018 and Mr. Cassella who
was not a named executive officer in fiscal 2017, our base salaries for the remaining named executive officers increased in aggregate by approximately 2% from fiscal 2017 levels. Overall cash compensation for our remaining named executive officers
decreased 12% from fiscal 2017 levels. Stock-based compensation for our named executive officers increased 2% from fiscal 2017. The total compensation decreases were largely the result of certain performance objectives being earned at a lower
threshold for fiscal 2018 targets as compared to fiscal 2017 targets and therefore caused a decrease in performance-based compensation as compared to fiscal 2017.
Compensation Consultants
The Compensation Committee engaged Poe Group, Inc. to assist us in reviewing, developing, and assessing our fiscal 2018 incentive compensation
program to maintain our long-standing
pay-for-performance
philosophy. Poe Group, Inc. also assisted us in determining an appropriate group of peer companies. As a result
of the absence of comparable direct competitors, the peer group was drawn from specialty retail companies. These peer companies, for purposes of determining fiscal 2018 compensation, are as follows: Arctic Cat, Big 5 Sporting Goods, Callaway Golf,
Cavco Industries, Ethan Allen Interiors, H&E Equipment Services, Hibbet Sports, Kforce, LCI Industries, M/I Homes, Perry Ellis International, Sothebys, Sportsmans Warehouse Holdings, Sykes Enterprises, Vail Resorts, William Lyon
Homes, and Winnebago Industries.
Base Salaries
Our named executive officers received base compensation for fiscal 2018 in accordance with their respective fiscal 2017 compensation plans as
recommended by the Compensation Committee and approved by the Board of Directors. We increased the base salary of Mr. W. Brett McGill by $36,000 in conjunction with his promotion to President and Chief Operating Officer at the beginning of
fiscal 2018. Following the end of fiscal 2018, we increased the base salary of Mr. W. Brett McGill by another $124,000 in conjunction with his promotion to Chief Executive Officer and President. The base salaries of our other named executive
officers remained unchanged in fiscal year 2018 from fiscal year 2017. In accordance with our
pay-for-performance
philosophy, our base compensation levels for our named
executive officers for fiscal 2018 were generally at or below the average of the peer group companies.
Incentive Compensation
For fiscal 2018, we established individual cash compensation plans for Messrs. McGill, W. Brett McGill, McLamb, Cashman, Cassella
and Ms. Day.
The cash compensation plans had targeted incentive cash compensation of 100%, 80%, 70%, 70%, 45%, and 45% of base
salaries for Mr. McGill, Mr. W. Brett McGill, Mr. McLamb, Mr. Cashman, Mr. Cassella and Ms. Day, respectively. The performance objectives for Mr. McGill, Mr. W. Brett McGill, Mr. McLamb,
Mr. Cashman, Mr. Cassella and Ms. Day, consisted of achieving a pretax income performance bonus, an aged inventory bonus, and a net promoter score bonus; weighted 50%, 30%, and 20%, respectively, and each measured quarterly.
A minimum pretax income performance bonus may be earned quarterly if at least 85% of the target objective (which was measured quarterly for the
first three quarters and annually for the fourth quarter) was achieved (i.e., if less than 85% was achieved, no amount in bonus would be paid). At an 85% performance, the payout would be 50% of the targeted pretax income bonus. The payout would then
increase to 100% of the targeted bonus on a prorated basis, as the performance approached 100% of the target objective. A maximum pretax income performance bonus may be earned if 140% of the target objective was achieved. At 140% performance, the
payout would be 200% of the targeted quarterly pretax income bonus. Between 100% and 140% performance, the payout would increase from 100% to 200% on a prorated basis. The quarterly and annual pretax income bonus target objectives for the fiscal
2018 quarters ended December 31, March 31, and June 30, and the fiscal year ended September 30, was approximately $4,474,306, $4,232,815, $23,338,753, and $40,671,197, respectively.
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