Correction: Leucadia National executive compensation story

Cumming received option awards valued at $3.9 million, which the AP does not include in its executive pay calculations. He did not receive any non-equity incentive plan compensation and earned a total of $1.2 million in 2007, according to the AP's calculation.

A corrected version of the story appears below:

NEW YORK (AP) The chairman and chief executive of diversified holding company Leucadia National Corp. received total compensation valued at $1.2 million in 2007, according to a filing with the Securities and Exchange Commission.

Leucadia National gave Ian M. Cumming a base salary of $702,169 and a bonus of $21,389. The executive also took "other compensation" of $486,477, which included $359,213 for use personal use of company aircraft, fuel and maintenance costs, and $78,924 in directors' fees from an unnamed company affiliate. "Other" compensation also included an unspecified payment of an annual life insurance premium by the company, a company contribution to a savings and retirement plan, and use of a company car.

The Associated Press calculations of total pay include executives' salary, bonus, incentives, 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 can differ from the figures listed in the summary compensation table of proxy statements filed with the SEC.

Leucadia's earnings more than doubled in 2007 to $484.3 million, or $2.22 per share, from $189.4 million, or 88 cents per share, in 2006. Revenue rose 34 percent to $1.15 billion from $862.7 million a year earlier.

The company's stock soared 67 percent during the year.