Correction: March 13 Simon Property CEO Pay Story

Simon's salary increased from $882,308 in 2007, but his bonus dropped from $1.35 million, the filing showed.

About a third of Simon's compensation came in the form of restricted stock, which the company valued at $1.6 million at the time they were granted in February 2008.

The company also earmarked $2 million in performance-based stock awards for the CEO, but the board decided to ultimately reduce the actual payout to $578,677 for 2008. In its proxy statement, the company cited current economic conditions and its focus on cost cuts for the reduction.

Simon received $15,697 worth of perks, including $12,650 in company and matching contributions to a 401k retirement plan and $3,047 in employee and dependent life insurance premiums.

The Associated Press' compensation formula is designed to isolate the value the company's board placed on the executive's total compensation package during the last fiscal year. It includes salary, bonus, performance-related 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 present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission, which reflect the size of the accounting charge taken for the executive's compensation in the previous fiscal year.