Delta Air Lines says the compensation package for CEO Richard Anderson jumped 42 percent last year as the company boosted his long-term incentive pay.
A calculation by The Associated Press shows that Anderson's compensation was almost $12.6 million, up from $8.9 million a year earlier.
Much of his pay was in the form of stock and options that will only have value if Delta's stock price rises. His base salary rose 9 percent to $652,083.
Delta had a billion-dollar profit last year and has been more profitable than its chief competitors, United and American.
The AP's calculation is based on a Delta Air Lines Inc. filing on Tuesday and counts salary, bonuses, perks and stock and options awarded to the executive during the year.