The Associated Press

FILE - In this Sept. 16, 2010 file photo, David Simon, CEO of Indianapolis-based Simon Property Group speaks at the Economic Club of Indiana's speaker series luncheon at the Indiana Convention Center in Indianapolis. Simon is the highest paid CEO at a publicly held company in America in 2011, according to calculations by Equilar, an executive compensation data firm, and The Associated Press. The Associated Press formula 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. (AP Photo/The Indianapolis Star, Charlie Nye, File)

By BERNARD CONDON AP Business Writers

NEW YORK (AP) — Profits at big U.S. companies broke records last year, and so did pay for CEOs.

The head of a typical public company made $9.6 million in 2011, according to an analysis by The Associated Press using data from Equilar, an executive pay research firm.

That was up more than 6 percent from the previous year, and is the second year in a row of increases. The figure is also the highest since the AP began tracking executive compensation in 2006.

Companies trimmed cash bonuses but handed out more in stock awards. For shareholder activists who have long decried CEO pay as exorbitant, that was a victory of sorts.

That’s because the stock awards are being tied more often to company performance. In those instances, CEOs can’t cash in the shares right away: They have to meet goals first, like boosting profit to a certain level.