Goldman Sachs employees are sitting on more than $600 million in extra bonus money, for the past year alone, thanks to the bank's surging stock price.

The paper windfall-based on calculations by The Wall Street Journal of the rise in the value of Goldman stock the employees were awarded a year ago in their pay packages-shows how the banking industry's shift toward more-stock-heavy bonuses at the urging of regulators has paid off for its troops.