Eyes on the prize.

• Author: McKenzie, Ana
• Position: FEATURE - Statistical data

The median change in the three-year total shareholder return for the state's largest public companies was an increase of 49.7%. Total compensation of their CEOs--who typically make most of their money in long-term stock awards--was up 27.9% in the latest fiscal year, according to Business North Carolina's annual ranking of executive compensation. That's a far cry from the days when a boss' pay seemed to have little relevance to his business' financial performance.

One reason for the change might be the federal government's efforts to make executive pay more transparent and give shareholders some voice in compensation plans. In 2007, the Securities and Exchange Commission required companies to tally and report total pay, including stock and option grants that often had gone under the radar. A provision of the Dodd-Frank Act of 2010 requires submitting pay packages to a nonbinding vote of shareholders that considers stock performance, among other factors, in approving or rejecting them.

"This increases the pressure on companies to do an effective job of communicating the longer-term relationship between executive pay and shareholder return," says Patricia Hale Botoff, senior manager of compensation and benefits consulting in the Raleigh office of Grant Thornton LLP, which compiled this year's ranking.

Had he not retired last September--the list includes only CEOs on the job at the end of their companies' fiscal year--Greensboro-based Lorillard Inc.'s Martin Orlowsky would have led the list for the second time in three years. He got a lot more than a gold watch, an estimated $30.7 million, double what he made the previous year. Another cigarette CEO--Susan Ivey of Winston-Salem-based Reynolds American Inc., who announced her retirement last fall and stepped down Feb. 28--kept the top spot she held on last year's list.

For the second straiqht year, First Citizens BancShares paid less CEO compensation for each dollar of earnings per share than any other company on the list. Total CEO pay per comp. dollar of EPS CEO, company (OOOs) (OOOs) 1 Frank B. Holdinq Jr.. First $867.4 $46.9 Citizens BancShares 2 Robert P. Ingle, Ingles 168.0 129.3 Markets 3 J. Allen Fine, Investors Title 419.1 150.7 4 Michael R. Hough, Hatteras 834.4 194.0 Financial 5 Stephen E. Macadam, EnPro 4,193.9 558.4 Industries 6 Garland S. Tucker III, Triangle 1,127.0 566.4 Capital 7 W. Swope Montgomery k, BNC 438.9 719.5 Bancorp 8 Martin A. Mattingly, Trimeris 790.3 888.0 9 Thomas W. Dickson, Ruddick 2,088.9 904.3 10 Franklin N. Saxon, Culp 1,271.0 1,258.4 2011 CEO Exchange/ticker Base salary Bonus 2010 Company Headquarters (000s)Change (000s)Change 1 Susan M. Ivey NYSE/RAI $1,307.0 $1,891.4 (1) 1 Reynolds Winston-Salem 2.9% (14.5) % American 2 James E. NYSE/DUK 0.0 0.0 Rogers 8 Duke Energy Charlotte 0.0 0.0 3 Robert A. NYSE/LOW 1,100.0 2,225.0 Niblock 3 Lowe's Mooresville 0.0 (21.6) 4 David P. King NYSE/LH 885.3 1,902.7 4 Laboratory Burlington 9.3 33.8 Corp. of America Holdings 5 Richard A. NYSE/HBI 1,000.0 3,000.0 Noll 12 Hanesbrands Winston-Salem 25.0 969.7 6 Alfred T. NYSE/DEXO 975.0 215.1 Mockett (2), (3) -- Dex One Cary na na 7 Eric C.Wiseman NYSE/VFC 1,025.0 2,142.3 10 VF Greensboro (1.1) 86.9 8 Steven B. NYSE/SKT 689.7 1,147.1 Tanger 18 Tanger Factory Greensboro 28.0 23.2 Outlet Centers 9 Marshall 0. NYSE/GR 1,100.0 1,987.0 Larsen 7 Goodrich Charlotte 0.0 33.1 10 Kelly S. King NYSE/BBT 950.0 1,138.6 9 BB&T Winston-Salem 5.6 1.8 11 James NYSE/RHT 750.0 1,134.4 M.Whitehurst 28 Red Hat Raleigh 7.1 nm 12 Daniel R. NYSE/NUE 800.0 540.0 DiMicco 33 Nucor Charlotte 0.0 nm 13 Christopher J. NYSE/SPW 1,050.0 682.5 Kearney 31 SPX Charlotte 0.0 0.0 14 David A. NYSE/CSL 978.5 1,331.1 Roberts 13 Carlisle Charlotte 3.0 38.2 15 Howard R. NYSE/FDO 998.5 1,560.1 Levine 11 Family Dollar Matthews 5.3 (17.7) Stores 16 William NYSE/PGN 990.0 715.0 D.Johnson 19 Progress Raleigh 1.1 (24.7) Energy 17 J. Frank Nasdaq/COKE 839.3 1,233.7 Harrison III 27 Coca-Cola Charlotte 0.2 9.9 Bottling Consolidated 18 Brandon C. NYSE/BWC 850.0 841.5 Bethards (3) -- BabcockS Charlotte na na Wilcox 19 Douqlas Lebda Nasdag/TREE 550.0 450.0 6 Tree.com Charlotte (8.9) (59.1); 20 David V. Nasdag/LNCE 700.0 653.8 Singer 26 Snyder's-Lance Charlotte 6.1 (9.1) 21 Charles M. Nasdaq/CREE. 572.0 755.0 Swoboda 24 Cree Durham 0.0 135,7 22 Stephen E. NYSE/NPO 825.0 1,650.0 Macadam 23 En Pro Charlotte (3.7) 173.3 Industries 23 Robert A. Nasdaq/RFMD 622.0 609.9 Bruggeworth 30 RF Micro Greensboro (1.8) nm Devices 24 Murray S. NYSE/LO 1,200.0 996.9 Kessler (2), (3) -- Lorillard Greensboro na na 25 Raymond W. NYSE/CSA 555.2 100.0 Braun (2), (3) -- Coglell Spencer Charlotte na na 26 Stephen R. NYSE/XRM $759.6 $391.4 Light -- Xerium Raleigh 7.0% 391.4% Technologies 27 Edward J. NYSE/HIW 540.8 618.0 Fritsch 17 Highwoods Raleigh 0.0 (41.4) Properties 28 Carolyn J. Nasdag/SLXP 771.2 601.5 Logan 29 Salix Morrisville 4.0 (7.6) Pharmaceuticals 29 JohnP.D. Cato NYSE/CATO 1,039.1 1,568.3 25 Cato Charlotte 2.4 2.5 30 0. Bruton Smith NYSE/SAH 1,100.0 1,760.0 (4) 22 Sonic Charlotte 0.0 0.0 Automotive 31 Stephen J.Wiehe Nasdaq/SQI 350.0 2,406.2 -- SciQuest Cary 3.6 1,551.6 32 Franco Plastina Nasdaq/TKLC 570.0 0.0 (5) 38 Tekelec Morrisville 0.0 (100.0) 33 Thomas E.Skains NYSE/PNY 802.1 508.2 42 Piedmont Natural Charlotte 8.3 (31.5) Gas 34 C. Howard Nye NYSE/MLM 800.0 390.0 (2) -- Martin Marietta Raleigh na na Materials 35 David L. Grange Nasdaq/PPDI 592.7 331.9 15 PPD Wilmington 3.1 (22.8) 36 John R. Nasdaq/POZN 542.3 350.6 Plachetka 37 Pozen Chapel Hill 2,3 2.6 37 Thomas W. NYSE/RDK 620.0 662.2 Dickson 41 Ruddick Charlotte 0.0 31.7 38 David S. Nasdaq/ODFL 500.0 1,306.8 Congdon 46 Old Dominion Thomasville (1.9) 119.8 Freight Line 39 J. Eric Pike NYSE/PIKE 728.7 0.0 32 Pike Electric Mount Airy (6.6) 0.0 40 Robert B.Toth NYSE/PPO 580.0 1,160.0 21 Polypore Charlotte 2.7 262.5 International 41 James H. Morgan NYSE/KKD 665.0 744.8 L 44 Krispy Kreme Winston-Salem 1.1 nm Doughnuts 42 0. Bruton Smith NYSE/TRK 600.0 1,176.0 (4) 39 Speedway Concord 0.0 6.1 Motorsports 43 0. Edwin French Nasdaq/MDTH 625.0 234.4 35 MedCath Charlotte 1.1 nm 44 William L. NYSE/UFI 635.0 635.0 Jasper 58 Unifi Greensboro 0.0 nm 45 Terrance M. Nasdaq/PTRY 764.4 571.7 Marks (2) -- The Pantry Cary na na 46 Franklin N. NY5E/CFI 350.0 560.0 Saxon 52 Culp High Point 31.2 26.4 47 Craig Carlock Nasdaq/TFM 402.4 275.0 -- The Fresh Greensboro 20.2 (10.4) Market 48 Brian I Moynihan NYSE/BAC 950.0 0.0 (2) -- Bank of America Charlotte na na 49 Craig A. Nasdaq/CRTX 400.0 285.0 Collard 54 Cornerstone Cary 1.3 44.4 Therapeutics 50 J. Donald Nasdaq/TRGT 442.2 159.6 deBethizy 55 Targacept Winston-Salem 15.0 (50.2) 50 J. Donald Nasdaq/TRGT 601.8 0.0 deBethizy 55 Targacept Winston-Salem (14.7) 0.0 51 Lawrence J. NYSE/ZZ. $718.8 $406.0 Rogers 5 Sealy Trinity 2.7% (68.8)% 52 Sidney Hinton Nasdaq/POWR 550.0 547.5 43 PowerSecure Wake Forest 13.4 0.0 International 53 Garland S.Tucker NYSE/TCAP 304.4 317.5 111 50 Triangle Raleigh 14.9 (14.2) Capital 54 June S. Almenoff Nasdaq/FURX 350.0 229.0 (2), (3) -- Furiex Morrisville na na Pharmaceuticals 55 Jon P. Nasdaq/BCRX 448.4 161.4 Stonehouse -- BioCryst Durham 0.9 22.6 Pharmaceuticals 56 H.O.Woltz III Nasdaq/IIIN 430.0 0.0 51 Insteel Mount Airy (1.9) 0.0 Industries 57 Simon Pedder Nasdaq/CHTP 460.6 267.6 53 Chelsea Charlotte 3.0 15.6 Therapeutics International 58 Frank B. Holding Nasdaq/FCNCA 856.4 0.0 Jr. 57 First Citizens Raleigh 14,3 0.0 BancShares 59 Michael R. NYSE/HTS 0.0 0.0 Hough 75 Hatteras Winston-Salem na na Financial 60 Mark A. Sirqo Nasdaq/BDSI 413.9 170.7 49 BioDelivery Raleigh (12.0) (44.8) Sciences International 61 Martin A. Nasdaq/TRMS 396.6 371.7 Mattingly 60 Trimeris Durham 0.0 87.5 62 MarkW. Kehaya NYSE/AOI 544.5 0.0 (2), (3) -- Alliance One Morrisville na na International 63 Richard Randall Nasdaq/TSON 1 340.0 231.5 (6) 67 TranS1 Wilminqton 4.6 0.0 64 Chris J. Stern Nasdaq/OXBT 300.0 100.0 -- Oxygen Morrisville 233.6 nm Biotherapeutics 65 Jerry L. Nasdaq/FBNC 496.8 0.0 Ocheltree 61 First Bancorp Troy 21.3 0.0 66 James C. Nasdaq/PSTB 400.0 75.0 Cherry2'3 -- Park Sterling Charlotte na na 67 W. Swope Nasdaq/BNCN 409.0 0.0 Montgomery Jr. 65 BNC Bancorp High Point 18.5 0.0 68 J.Allen Fine Nasdaq/ITIC 303.4 100.0 62 Investors Title Chapel Hill 0.0 nm 69 Billy D, Prim Nasdaq/PRMW 400.0 0.0 -- Primo Water Winston-Salem 0.0 0.0 70 Vipin K. Garg Nasdaq/TZYM 287.8 100.7 -- Tranzyme Durham 2.5 101.5 71 PressleyA. Nasdaq/NBBC 354.8 0.0 Ridgill 69 NewBridge Greensboro 0.0 0.0 Bancorp 72 B. Grant Yarber Nasdaq/CBKN 370.0 0.0 70 Capital Bank Raleigh 0.0 0.0 73 Ted W.Rollins NYSE/CCG 300.0 0.0 (2) -- Campus Crest Charlotte na na Communities 74 Robert P. Ingle Nasdaq/IMKTA 100.0 0.0 73 Ingles Markets Asheville 0.0 0.0 75 Harry L Smith OTC/FLDR na na Jr. 59 Flanders (7) Washington na na 2011 CEO Exchange/ticker Salary and Stock awards 2010 Company Headquarters bonus (000s)Change (000s)Change 1 Susan M. Ivey NYSE/RAI $3,198.4 $7,486.6 1 (1) Reynolds Winston-Salem (8.1)% 19.9% American 2 James E. NYSE/DUK 0.0 6,440.2 Roqers 8 Duke Energy Charlotte 0.0 329.9 3 Robert A. NYSE/LOW 3,325.0 4,340.4 Niblock 3 Lowe's Mooresville (15.6). 1 2: 3 4 David P. King NYSE/LH 2,788.0 4,040.6 4 Laboratory Burlington 24.9 200.4 Corp. of America Holdings 5 Richard A. NYSE/HBI 4,000.0 2,760.0 Noll 12 Hanesbrands Winston-Salem 270.2 50.0 6 Alfred T. NYSE/DEXO 1,190.1 1,924.0 Mockett (2), (3) -- Dex One Cary na na 7 Eric C.Wiseman NYSE/VFC 3,167.3 2,329.8 10 VF Greensboro 45.1 nm 8 Steven B. NYSE/SKT 1,836.8 7,204.7 Tanqer 18 Tanger Factory Greensboro 24.9 326.0 Outlet Centers 9 Marshall 0. NYSE/GR 3,087.0 3,911.0 Larsen 7 Goodrich Charlotte 19.1 218.5 10 Kelly S. King NYSE/BBT 2,088.6 5,149.9 9 BB&T Winston-Salem 3.5 784.3 11 James NYSE/RHT 1,884.4 5,517.3 M.Whitehurst 28 Red Hat Raleigh 169.2 189.1 12 Daniel R. NYSE/NUE 1,340.0 1,680.0 DiMicco 33 Nucor Charlotte 67.5 20.0 13 Christopher J. NYSE/SPW 1,732.5 4,473.9 Kearney 31 SPX...