NEW YORK (AP) - Herbert Henkel, chief executive of diversified manufacturer Ingersoll-Rand Co. Ltd., received compensation last year valued by the company at $11.3 million, 6.4 percent more than the previous year, according to an Associated Press calculation of figures disclosed on Friday in a regulatory filing.

However, most of his 2008 compensation came in stock options, which have little current value.

Mr. Henkel, 60, received a salary of $1.3 million, up from the previous year's $1.2 million. He received a performance-based cash bonus of $1.4 million, down from the $3 million he received in 2007.

The CEO, who has led the Hamilton, Bermuda-based company for nearly 10 years, received perks valued at $525,269, up from the previous year's $444,790. Those perks included $168,272 for personal use of corporate aircraft, $256,500 for an employee savings plan and $29,287 as a car allowance.

Mr. Henkel also received stock awards and options valued at about $8.1 million at the time they were granted. However, since Ingersoll-Rand shares now trade at less than half the options' strike price of $39.31, they have little present value.

The Associated Press' compensation formula aims 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 do not 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.

Last year was a difficult one for the company, which is moving its headquarters to Ireland. It swung to a loss of $2.62 billion, or $8.73 per share, compared with a profit of nearly $4 billion, or $13.43 per share, in 2007.

Also, its share price plunged 63 percent compared with the S&P 500 index, which fell 39 percent.