SiliconBeat

MIPS Technologies (ticker:MIPS) is just one in a long line of Silicon Valley companies that got its hand caught in the options backdating cookie jar.

Fortunately, it didn’t let that little nuisance stop it from rewarding its executives with nice bonuses. In a proxy filed on Thursday, MIPS, which makes embedded processors, said that executives got bonuses that exceeded their targets because operating results exceeded targets. Makes sense so far.

Except then the company also noted that it ignored the impact of the restatements on those results, saying “these charges were not taken into account by the Board of Directors in the operating plan for 2007.” So since the board didn’t plan for them, they don’t count.

In the case of CEO John E. Bourgoin, that means that on top of his $400,000 salary in 2007, he also got a bonus $550,477.