Duke Energy Corp.'s CEO's total pay package increased 29 percent in 2010 as the utility's performance improved with stronger demand, according to an Associated Press analysis of data filed with regulators.
James E. Rogers, the company's chairman, president and chief executive, earned $8.8 million last year, including stock awards and options totaling about $8 million.
He received no salary, cash bonus or performance-related bonus under the terms of an employment agreement that runs through 2013.
Rogers received $422,712 in perks, including $398,484 for aircraft use, $18,487 for employment agreement preparation and $4,000 in charitable contributions, according to a filing the company made Thursday with the Securities and Exchange Commission.
He also received $335,612 in above-market interest on deferred compensation. That is the difference between what a company promises to pay an executive on deferred earnings and what the executive would receive if the funds were in a different type of savings account.
In 2009, Rogers' total compensation was $6.8 million, also primarily in stock and options awards. He also got no salary or bonuses that year.
Rogers received $391,212 in other compensation for such things as use of corporate jet and $341,459 in above-market interest on deferred compensation.
Duke Energy is based in Charlotte, N.C., and serves 4 million customers in North Carolina, Indiana, Ohio and Kentucky.
During 2010, Duke Energy's earnings rose 20 percent, in part because customers purchased more electricity and natural gas during last summer's heat and the frigid winter.
Excluding the impact of the weather, 2010 customer demand increased 2 percent last year from 2009, including a 7 percent increase in industrial demand. Commercial and residential demand has been slower to recover from the recession, but the company expects modest improvement this year.
The Associated Press formula for calculating executive compensation is based on data included in the company's SEC filings. It 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 bonus, perks, above-market returns on deferred compensation and the estimated value of stock and stock options granted during the year.
The AP formula does not include changes in the present value of pension benefits. That makes the AP total slightly different in many cases from the total reported by companies to the SEC.