CHICAGO (AP) – The president and chief executive of toolmaker Snap-On Inc. saw his compensation nearly double in 2008, during his first year at the helm of the tool maker, according to a regulatory filing Tuesday.

Nicholas T. Pinchuk, who assumed the role in mid-December 2007, earned $5.2 million during the fiscal year that ended Jan. 3. That’s about 97 percent more than he earned in 2007, when he spent most of the year as president and chief operating officer.

But most of Pinchuk’s compensation came from restricted stock and options valued at $3.5 million on the days they were granted. However, the exercise price on a substantial portion of those awards was $51.75.

With Snap-On stock currently trading at $23.17, those awards are currently of little value unless the company’s stock price more than doubles.

The 62-year-old took home a base salary of $750,000 in 2008 along with a $337,500 bonus and $562,500 in non-equity incentive plan compensation. He also received $24,834 in other compensation, which included company matches to 401(k) and deferred compensation plans.

The Associated Press formula is designed to isolate the value the company’s board placed on the executives total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.

The calculations don’t include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission, which reflect the size of the accounting charge taken for the executive’s compensation in the previous fiscal year.

The Kenosha, Wis.-based tool maker saw its profit climb nearly 31 percent last year to $236.7 million from profit of $181.2 million during the same period last year. Meanwhile, revenue held virtually steady at $2.85 billion.

The company’s stock fell 18 percent over the course of 2008. In Tuesday trading, Snap-On shares climbed $2.40, or 11.6 percent, to close at $23.17.