NEW YORK (AP) — FedEx says its founder and top executive Frederick W. Smith received total compensation worth $13.7 million in the most recent fiscal year, nearly double the pay package of a year earlier.

That hike was due to a jump in long-term incentive pay, which rewards top brass for meeting certain earnings thresholds over a three-year period. FedEx Corp. full-year earnings per share jumped 70 percent from fiscal 2010 to 2012.

Smith, 68, received a $1.3 million salary in the year that ended in May, up 2 percent from fiscal 2011.

The AP calculation is based on a regulatory filing. It aims to isolate the value that company boards place on a CEO's total compensation package. It includes salary, bonus, incentives, perks and the estimated value of stock options and awards.