Gravy is back on the gravy train for the top executives at Minnesota's publicly traded companies.
The median level of compensation for the 95 chief executive officers who run those companies rose 18 percent last year to $1.21 million, up from $1.026 million in 2013, and the second highest since the eve of the Great Recession in 2007.
The increases come at a time when reports show that average workers' pay is stagnant. According to the Minnesota Department of Employment and Economic Development, average hourly wages in the state have actually fallen since 2006. The average worker's inflation-adjusted pay has dropped from $27.46 per hour to $25.75 per hour.
But the level of CEO pay also suggests that companies are healthier since much of a CEO's compensation is based on stock price.
Last year's pay packages — including salary, bonus, options exercised and shares vested — ranged from $97.4 million for Ameriprise Financial CEO James Cracchiolo to $99,602 for Curtis Sampson of Communications System Inc.
Of the 95 CEOs in Minnesota, 14 made more than $10 million while 52 collected at least $1 million.
A Star Tribune analysis of compensation awards found that the salary and bonus portion of CEO pay increased 15.2 percent while long-term stock incentives jumped 67.5 percent as company boards followed an emerging national trend to tie pay to performance.
"That tends to be where the big money is," said Hillary Sale, a professor of management and law at the Washington University School of Law in St. Louis. "It keeps people on the job and focused on the long run."