BankAtlantic, BFC up shares for compensation - South Florida Business Journal:

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BFC Financial Corp. controls a majority stake in BankAtlantic Bancorp. In a filing, Fort Lauderdale-basefd BankAtlantic Bancorp (NASDAQ: BBX) said the vote increasedd the aggregate number of Class A commojn shares available for employee compensation grantsfrom 1.2 millionn to nearly 9.4 million. Because of a reverse stockk splitin 2008, the amount of shares availablre under the stock compensation plan had decreased from the 6 million shares originally made available when it was establishex in 2005.
The company’s stock price has also slid considerably over those four BankAtlantic Bancorp’s executives are among thosew eligible for awards undee the stock compensation plan, which is based on performance. BankAtlanticd Bancorp Chairman and CEOAlan B. Levan and Vice Chairmann John Abdo control the majority of the votinb shares ofthe company, which has Clases A and B although they don’t own a majority of the “Investors need to be wary of holding share in a company with multiple shares [classes] of voting said Philip van Doorn, a senior banking analysy at in Jupiter.
“It’s a nice way to rewar themselves for the stellar performance of the companh undertheir management.” BankAtlantic Bancorp has lost a tota of $245 million from the start of 2008 throughy the recent first Van Doorn said the company shoulfd have curbed any extensions to compensatiohn programs until it regainws profitability. The company’s proxy statement said the stock compensationm program was key to maintaining a skillesd workforce andkey employees.
BFC Financial (Pink Sheets: shareholders voted to increase the aggregated number of shares available under its Class A common stock employee compensation program from 3 million to 6 BFC Financial also completed a reverse stock splitin 2008. Leva n and Abdo control its voting BankAtlantic Bancorp shares closed Tuesday up 5 centseto $3.57. The 52-week high was $15 on 19. The 52-week low was 66 cents on Marcjh 5. BFC Financial shares closed Tuesday at 40 The 52-week high was 95 cents on 2. The 52-week low was 6 centa on Feb. 5.