[Elecraft] Peak SSB Output vs. "Tune" output

[brian at brianlinn.com]

Been reading with some interest the recent thread about SSB output
"coming up" after a few seconds. Different situation here with
my K3.

1) Tune up output is a few watts higher than power
setting (as expected).
2) When observing peak output on my LP-100
wattmeter (known to work fine), the peak output is only 40-45% of power
setting. 
3) If one really yells into the mic, the peaks will
come up, but still not where they should be.
4) Mic gain = 60
5)
Compression - 15 (any more and the audio begins to be less clean)
6)
Mic config setting = HI
7) Issue exists no matter which microphone is
being used.
8) Audio quality is rated as good or excellent by those
with whom I QSO.
9) Frequency / Band does not impact the issue.
10) AM mode output is about 40 watts.

Any thoughts?

73' Brian KDOHII