Performance bonus benefits compensation package for American Electric Power's CEO

By The Associated Press
The Associated Press
Monday, March 14, 2011; 6:05 PM

COLUMBUS, Ohio - Compensation for America Electric Power's CEO increased 22 percent last year, according to Associated Press calculations of data in a regulatory filing.

AEP Chairman and CEO Mike Morris earned $8.7 million in total compensation.

Morris received a salary of $1.27 million and a $1.58 million performance-based cash bonus because operations improved.

The Associated Press formula is designed to isolate the value the company's board placed on the executive's total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.

The calculations don't include changes in the present value of pension benefits, making the AP total different in most cases than the total reported by companies to the SEC.

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