In a world of pay-for-performance, Target Corporation's(NYSE:TGT) CEO, Robert J. Ulrich, received a compensation package valued at $36.4 million last year, according to the company. Target's overall performance in 2006 was very admirable indeed, as the company continually stole the earnings and profit spotlight from larger competitor Wal-Mart Stores, Inc.(NYSE:WMT) and was a retail marketplace darling.

Ulrich's compensation included $1.6 million in salary and more than $6 million in bonuses -- roughly the same as 2005. All in all, though, what did TGT shares do in 2006? Let's see:

Looks like TGT started the year at about $55 and ended the year at about $57. Not much movement there except for a large mid-year dip. Still, Ulrich received stock awards valued at $16.6 million and options valued at $8.56 million in 2006. Stock awards are a great pay-for-performance motivator, since they can become worthless or can be worth quite a bit. Over the last few years, Target has done quite well in outperforming retailer in its peer group, though.

As a comparison, an investment of $100 in Target stock in 2002 would be worth $148 today, compared with $123 in its peer group companies and $141 in the S&P index.