Total compensation: $19,260,390 for the year ended Jan. 31
Non-equity incentive pay: $2,205,000
Other compensation: $5,523,988
Value realized on vesting shares: $8,781,402
New stock options: 397,773
Total fiscal 2011 return to shareholders: -5.3 percent
Notes: Steinhafel took home 24 percent less in 2011 mainly because he elected not to exercise any options in the past year after exercising $10.7 million worth of options in fiscal 2010. His base salary remained the same and the bonus for achieving annual financial goals was down $1.9 million after largely meeting but not exceeding annual incentive measures.
Target's board awarded Steinhafel a discretionary short-term incentive payment for personal performance of $1.25 million for fiscal 2011, compared to $1.2 million in fiscal 2010. The award was made to recognize that Target achieved record earnings per share in the past year, made progress in its planned expansion into Canada and made progress in other strategic measures.
Steinhafel also gained $8.8 million from the restricted shares that vested during the year. That included payout results from performance-based restricted stock that covered the previous three-year period in which Target gained market share and had the second-best earnings per share (EPS) among its retail peer group.
Target's revenue for fiscal 2011 was up 4.1 percent to $68.5 billion while net earnings for the year were essentially flat at $2.9 billion. Target also reported diluted GAAP earnings per share of $4.28, up 7 percent from fiscal 2010.