Washington Mutual Inc., the largest U.S. thrift, paid Chief Executive Kerry Killinger $14.2 million in 2006 as the company struggled with losses from home-mortgage lending and cut more than 10,000 jobs.

Killinger, 57, received a salary of $1 million, a $4 million cash bonus, stock awards valued at $2.3 million, options worth $5.1 million and other compensation worth $1.8 million, the Seattle-based bank said in a regulatory filing Monday.

Washington Mutual tried to bolster profit margins as higher interest rates cooled demand for home loans and prompted depositors to shift money to accounts that paid more. Killinger responded by cutting jobs and selling mortgage-servicing and mutual-fund units.

The company's net income increased 3.8 percent last year to $3.56 billion, or $3.64 a share.

Over the same period, Washington Mutual's stock rose 4.6 percent compared with a 16 percent gain in the Standard & Poor's 500 Financials index.

The stock climbed 39 cents to $40.27 Monday in New York Stock Exchange composite trading. So far this year, the shares have dropped 11 percent.

Disclosure rules regarding compensation imposed by the Securities and Exchange Commission this year make it difficult to compare executives' pay with what they received in 2005 because of a difference in how options are valued.

The value of options is now spread out over the years until they are fully vested, instead of in a single lump sum.