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DALLAS (AP) – Southwest Airlines Co. earned a record profit last year and the CEO benefited with a 24 percent increase in compensation, to $5 million.

Southwest detailed 2014 compensation for Chairman and CEO Gary Kelly in a regulatory filing Monday.

The bulk of Kelly’s compensation came in stock awards, which the Dallas-based airline valued at $3 million when they were issued, up from $2.25 million in 2013. Kelly was paid a salary of $675,000 – unchanged from the previous two years – a bonus of $224,775 and incentive pay of $904,770.

Southwest is the fourth-biggest U.S. airline company by passenger traffic. Last year it earned record net income of $1.14 billion on rising traffic and average fares and falling jet fuel costs.

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