JP Morgan awarded chief executive James Dimon $11.8 million in total compensation during 2013, a pay cut according to Securities and Exchange Commission methodology that came despite an increase in awarded pay for the year.

The 58-year-old Dimon received stock valued by the company at $10 million, according to a filing Wednesday with the SEC. Under the SEC methodology of tallying pay, only compensation paid out during the year is included. The calculation used by banks includes any money a senior executive is awarded for their work in a particular year, regardless of when it is received.