Notes: Sample is firms in the top 350 U.S. firms ranked by sales (as of June 2020 Compustat sample) who have reported by end of April 2021. Average annual compensation is measured in two ways. Both include salary, bonus, and long-term incentive payouts, but the “granted” measure includes the value of stock options and stock awards when they are grants, whereas the “realized” measure captures the value of stock-related components that accrues after options or stock awards are granted by including “stock options exercised” and “vested stock awards.”