DALLAS (AP) — The union representing pilots at American Airlines blasted management yesterday over future stock payments to executives that the union said could rival or exceed the company's profit for all of 2006, $231 million.The payments, due in mid-April to about 1,000 managers, are tied to the stock performance of parent AMR Corp., which has been improving since bottoming out in early 2003.

The Allied Pilots Association said the payments would be worth $218 million based on Tuesday's closing price of AMR shares, $40.23, a 52-week high for the stock. The company declined to estimate the payments, noting that the stock price could go up or down by April.

Ralph Hunter, president of the union, said the bonuses were insulting to workers who agreed to wage and benefit cuts in 2003 and "are the real heroes behind American's return to profitability".

AMR avoids the term bonuses and says the stock-based payments — which can amount to nothing or small amounts in years when the stock performs poorly — are part of managers' compensation and make up for lower salaries.

Chairman and chief executive Gerard Arpey, who handled the company's release yesterday of financial results for the fourth quarter and all of 2006, declined to be drawn into a debate over the payments.

"I'm disappointed by some of the rhetoric that comes out," Arpey said, adding he would continue to work on improving labour-management relations.

The pilots' union and other labour groups at American have known about the payments to executives for years, but employee anger boiled over early last year when the size of some awards — a handful topped $1 million — became evident.

Last year's payments were due to be a mix of cash and stock, but the controversy caused AMR's board to make them all stock.

The pilots' union recently began talking to AMR negotiators about a new contract to take effect in 2008. The pilots are expected to seek to recover some of the wage and benefit concessions they made in 2003, when AMR was close to bankruptcy.