DEARBORN, Mich. (AP) — Ford Motor Co. Chief Executive Alan Mulally's compensation rose 11 percent to $29.5 million in 2011. It was a year in which the company reported its third consecutive annual profit but was hurt by rising commodity costs and charges for a big expansion in Asia.

Ford reported Mulally's compensation on Friday in its annual proxy filing with the federal government.

Mulally earned $2 million in salary, up 43 percent from 2010, and stock awards valued at $13.9 million, up 86 percent from the prior year. But his performance bonus dropped 42 percent to $1.8 million as the company fell short of market share and quality targets in its worldwide markets. Ford's U.S. quality ratings were tarnished last year by glitches in its touch-screen dashboard systems and shifting problems in some automatic transmissions.

Mulally also received $612,587 in perks and other compensation for things like the use of a private jet, a personal car and driver and security.

Ford earned $20.2 billion in 2011, or $4.94 per share. But most of that was due to an accounting change. Without the one-time change, Ford earned $8.76 billion, or $1.51 per share, its highest operating profit since 1999.

Mulally's pay — which puts him among the highest-paid CEOs in the U.S. last year — has been the subject of some ire among Ford factory workers. United Auto Workers President Bob King has called his compensation level "morally wrong." Ford says Mulally's pay is fair, pointing out that a majority of his compensation is tied to the success of Ford's shares.

In an interview last fall, Mulally defended his pay, saying it is entirely tied to the success of Ford: "The vast majority of my compensation is at risk, because the numbers that you see are only realizable if we profitably grow the corporation. And that's the way it should be."

Ford also announced in the proxy filing that its annual meeting will be held May 10 in Wilmington, Del.

The Associated Press formula for executive compensation 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, which makes the AP total slightly different in most cases from the total reported by companies to the Securities and Exchange Commission.

The value that a company assigned to an executive's stock and option awards for 2011 was the present value of what the company expected the awards to be worth to the executive over time.

Companies use one of several formulas to calculate that value. The number is just an estimate and the amount an executive ultimately receives will depend on the performance of the company's stock.

Most stock compensation programs require an executive to wait a set time to receive shares or exercise options.