A decline in earnings cost three top State Street Corp. executives a portion of their bonuses, according to a proxy filing made with the SEC.

David Spina, chairman and chief executive, saw his bonus fall by one third to $1.2 million from $1.8 million in 2002. Meanwhile, John Towers, vice chairman, saw his bonus chopped 44 percent to $420,000 and Ronald Logue, president and chief operating officer has his climbed to $650,000 from $900,000.

The cuts came after total earnings at the custodian and asset manager fell 29 percent to $722 million in 2003 compared to 2002.

The executives' bonuses were based on targets for per-share earnings. Those earnings fell to $2.15 a share from $3.10 in 2002.

Despite the poor showing in 2003, the State Street board raised Spina's salary and other compensation by 5.4 percent to $1.09 million. He was also awarded 308,200 options valued at $9.7 million assuming a five percent annual gain in the share price over 10 years.

Towers' compensation was raised 4 percent to $649,213, while Logue's was upped 3.3 percent to $851,499.  

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