FILE - In this Monday, Sept. 10, 2012 file photo, a General Electric logo is seen on a kitchen stove at a Lowe's store in Framingham, Mass. General Electric Co. is reporting, Friday, Jan. 18, 2013, that net income rose 8 percent in the fourth quarter as earnings at all of the conglomerate's industrial segments improved due to growth in developing economies. (AP Photo/Steven Senne, File)
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FILE - In this Monday, Sept. 10, 2012 file photo, a General Electric logo is seen on a kitchen stove at a Lowe's store in Framingham, Mass. General Electric Co. is reporting, Friday, Jan. 18, 2013, that net income rose 8 percent in the fourth quarter as earnings at all of the conglomerate's industrial segments improved due to growth in developing economies. (AP Photo/Steven Senne, File)
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In this Thursday, Dec. 13, 2012 photo, amazon shipments are packaged in Koblenz, Germany. Amazon’s fourth-quarter net income fell 45 percent, as sharply higher revenue failed to keep pace with increased spending on order fulfillment and digital content, a trend that’s become the norm for the world’s largest online retailer. (AP Photo/dapd, Harald Tittel)
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FILE - In this Feb 21, 2012, file photo, a customer shops at Lowe's in New York. Lowe's said Monday, Nov. 19, 2012, its third-quarter net income surged 76 percent, helped by fewer charges and higher revenue. Its shares rose 5 percent in early premarket trading Monday. (AP Photo/Mark Lennihan, File)
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FILE - In a Nov. 14, 2011 file photo customers enter and exit a Lowe's store in Saugus, Mass. Home improvement retailer Lowe’s Cos. said Monday, Feb. 25, 2013, cleanup efforts after Superstorm Sandy and its new pricing strategy helped its fourth-quarter net income surpass expectations. (AP Photo/Michael Dwyer, file)
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In this Tuesday, Nov. 13, 2012 photo a worker pulls a line of shopping carts toward a Walmart store in North Kingstown, R.I. Wal-Mart Stores Inc. reported a 9 percent increase in net income for the third quarter, but revenue for the world's largest retailer fell below Wall Street forecasts as its low-income shoppers continue to grapple with an uncertain economy. (AP Photo/Steven Senne)
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This March 1, 2011 photo shows a customer walking down the bread and pastry aisle at a Kroger Co. supermarket. The Kroger Co. reported a second-quarter profit that beat Wall Street expectations, Friday, Sept. 7, 2012, as the supermarket operator said its loyalty program helped lift a key sales figure. The nation's largest traditional grocery store chain also raised its outlook for the year. (AP Photo/Al Behrman)
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FILE - In this Oct. 14, 2009 file photo, Andrew Mason, the CEO of Groupon, poses for a photo in Chicago. The struggling online deals company said Thursday, Feb. 28, 2013, after the market closed that it ousted Mason as CEO and will look for a new chief. (AP Photo/M. Spencer Greenm, File)
GE boosted CEO Immelt's compensation in 2012
General Electric says its Chairman and CEO Jeffrey Immelt received compensation for 2012 that was 80 percent more than his pay in 2011.
The company, which makes products ranging from light bulbs to jet engines, gave Immelt a pay package valued at nearly $20.6 million, according to an Associated Press analysis of regulatory documents filed Monday. That compares with $11.4 million in 2011.
General Electric Co. gave Immelt a $3.3 million salary, unchanged from the prior year, and boosted his bonus to $4.5 million from $4 million.
The company did not grant any stock or option awards but gave Immelt nearly $12.1 million for his performance, a payment it grants once every three or more years based on meeting certain goals. The total compensation package also includes $138,012 in above-market earnings from interest on his pension fund.
General Electric also gave Immelt use of the company aircraft, car allowance and other perks valued at $574,507, up from $447,191 in the prior year.
Immelt has helped reshape GE, focusing on its more traditional operations, such as making complex industrial equipment and providing services to companies. GE also makes refrigerators, CT-scanners, wind turbines, gas turbines and engines for jets and trains. It has sold non-industrial assets like NBC Universal. And in a new push, it also provides equipment and services to the oil and gas industry.
The company posted net income of $13.6 billion, or $1.39 per share, on revenue of $147.4 billion for 2012. That's up from net income of $13.1 billion, or $1.24 per share, on revenue of $147.3 billion in 2011. GE expects its revenue and profit growth to continue this year with a heavy backlog of new business.
The Associated Press formula calculates an executive's total compensation during the last fiscal year by adding salary, bonuses, perks, above-market interest the company pays on deferred compensation and the estimated value of stock and stock options awarded during the year. The AP formula does not count changes in the present value of pension benefits. That makes the AP total slightly different in most cases from the total reported by companies to the Securities and Exchange Commission.
Shares of Fairfield, Conn.-based GE fell 15 cents to close at $23.62. Its stock price has increased about 23 percent in the past 52 weeks.
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