CHARLOTTE, N.C. -- Reynolds American Inc. President and Chief Executive Officer Susan M. Ivey received compensation valued at more than $7.9 million in 2007 -- about 24 percent more than in 2006, a regulatory filing Monday showed.

Ivey, 49, received $1.19 million in salary, more than $4.2 million in non-equity compensation and $231,241 in other compensation. That total included $38,331 for personal use of corporate aircraft and $79,000 in cash instead of perks, according to the Winston-Salem-based tobacco company's filing with the Securities and Exchange Commission.

The Associated Press calculations of total pay include executives' salary, bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the value of pension benefits, and they can differ from the totals companies list in the summary compensation table of proxy statements.

Ivey, who has headed the company since January 2004, also became vested in 23,838 shares in stock valued by the company at more than $1.57 million.

For 2007, Reynolds American reported earnings of $1.31 billion, or $4.43 per share, compared with $1.21 billion, or $4.10 per share, in 2006. Revenue rose 6 percent to $9.02 billion.

In 2006, Ivey received $1.13 million in salary in a compensation packaged valued at more than $6.4 million.

Reynolds American's shares were down 20 cents to $60.42 in midday trading.