The chief executives of America's 500 biggest companies, measured by a composite ranking of sales, profits, assets and market value, received a combined 6% pay raise last year, which is minimal in comparison to their 54% pay raise in 2004. In total, America’s top CEO's earned a healthy $5.4 billion in 2006. 

The average paycheck for last year for each boss works out to $10.9 million. For the group of 500 as a whole, aggregate stock gains accounted for 51% of total compensation, versus 53% a year ago. The average boss took in $5.6 million from exercising options last year. When calculating a chief executive’s total pay, salary and bonuses, and other compensation, such as vested restricted stock grants, long-term incentive payouts and perks, are all taken into calculation. 

Who were the top earners? Richard D. Fairbank, chief executive of Capital One Financial, was the top earner in 2005, as he earned $249.3 million in total pay, which came almost entirely from exercised stock options. The same goes for the next four top-paid CEO's: Terry S. Semel of Yahoo! with $231 million, Henry R. Silverman of Cendant with $140 million, Bruce Karatz of KB Home with $136 million, and Richard S. Fuld Jr. of Lehman Brothers Holdings with $123 million.