(AP) - Norfolk Southern Corp. Chief Executive Wick Moorman's compensation increased nearly 11 percent to $11.7 million last year, despite lower profits by the Virginia-based railroad.
Moorman's total compensation was valued at $10.6 million in 2006.
Moorman received a 6.7 percent salary raise to $800,000 and no bonus last year, according to a document filed Friday with the Securities and Exchange Commission.
The bulk of Moorman's increase came from stock awards. The filing puts the value of options and restricted stock he received in 2007 at $9.9 million, compared with $8.4 million in 2006.
Norfolk Southern also gave Moorman more than 66 percent more money -- $153,570 -- for perks last year. Moorman received $41,199 to cover taxes on his perks, which included $17,000 for life insurance premiums and $31,700 in charitable contributions on his behalf, among other things.
The Associated Press calculates executive compensation based on salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The AP does not include changes in the present value of pension benefits.
Norfolk Southern turned in a mixed performance during 2007.
Its net income fell to $1.46 billion, or $3.68 per share, from $1.48 billion, or $3.57 per share, in 2006. Revenue rose to $9.43 billion from $9.41 billion.
The company struggled with flat shipments in some segments of its business and rising fuel costs.
Despite the lower profit, Norfolk Southern shares rose almost 4.4 percent in 2007.
Norfolk Southern operates in 22 states, the District of Columbia and Ontario, Canada.
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