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JEFFRIES’ PAY: Depending on how one reads Abercrombie & Fitch Co.’s proxy, Michael Jeffries, the firm’s chairman and chief executive officer, either had a record year or a rather disappointing one in 2011. He’s on record as earning a total pay package of $48.1 million, more than twice the $23.2 million earned in 2010. But the cash portion of his compensation fell 29.8 percent to $2.7 million, with his salary unchanged at $1.5 million and his cash bonus down 49 percent to $1.2 million based on second-half earnings before interest, taxes, depreciation and amortization that failed to meet the threshold level. Meanwhile, his option awards more than tripled to $43.2 million from $14.1 million a year earlier, based on the grant date fair value of the shares, which would vest over time and under certain conditions, including Jeffries’ continued employment at A&F. His current contract expires early in 2014.