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Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2023
USD ($)
$ / shares
Dec. 31, 2022
USD ($)
$ / shares
Dec. 31, 2021
USD ($)
$ / shares
Dec. 31, 2020
USD ($)
$ / shares
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table [1]
Pay Versus Performance

As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive compensation actually paid (“CAP”) and certain measures of the financial performance of the Company. For further information concerning the Company’s variable pay-for-performance philosophy and how the Company aligns executive compensation with the Company’s performance, refer to the Compensation Discussion and Analysis beginning on page 48.

Summary
Compensation
Table Total for
PEO (1)
Compensation
Actually Paid
to PEO(2)
Average
Summary
Compensation
Table Total for
Non-PEO NEOs(3)
Average
Compensation
Actually Paid
to Non-PEO
NEOs(4)
Value of Initial Fixed $100 Investment Based on:
Net Income (millions)(7)
Operating Earnings Per Share(8)
Year
Total
Shareholder
Return(5)
Peer Group Total
Shareholder
Return(6)
(a)(b)(c)(d)(e)(f)(g)(h)(i)
2023$10,633,745 $7,505,424 $3,234,865 $54,738 $98.94 $117.67 $2,212.6 $5.25 
2022
$16,375,508 $21,518,114 $3,069,010 $3,245,587 $111.14 $126.63 $2,305.6 $5.09 
2021
$15,051,215 $18,719,493 $3,372,510 $2,978,593 $100.69 $123.78 $2,488.1 $4.74 
2020$15,503,434 $10,547,820 $3,975,937 $2,724,914 $90.97 $103.13 $2,196.7 $4.43 
 
(1)“PEO” means Principal Executive Officer, which was Julie A. Sloat for 2023 and Nicholas K. Akins for 2022, 2021 and 2020. Ms. Sloat replaced Mr. Mr. Akins as CEO effective January 1, 2023, at which point Mr. Akins became Executive Chair. The dollar amounts reported in column (b) are the amounts of total compensation reported for the applicable PEO for 2022, 2021 and 2020 for the corresponding year in the “Total” column of the Summary Compensation Table (“SCT”). Refer to the SCT in the proxy statement for each year for further information.
(2)The dollar amounts reported in column (c) represent the amount of “compensation actually paid” or “CAP” for Ms. Sloat or Mr. Akins, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Ms. Sloat or Mr. Akins during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Ms. Sloat’s or Mr. Akins’ Total Compensation shown in the SCT for the applicable year to calculate “CAP”:

Reported Summary Compensation Table Total
Reported Stock Awards (A)
Equity Award Adjustments (B)
Reported Change in Pension Value (C)
Pension Benefit Adjustments (D)
Operating Earnings Per Share(8)
Year
2023$10,633,745 $(8,321,524)$5,324,783 $(210,263)$78,683 $5.25 
2022
$16,375,508 $(10,824,690)$15,998,849 $(204,063)$172,510 $5.09 
2021
$15,051,215 $(9,976,149)$13,937,070 $(461,732)$169,089 $4.74 
2020$15,503,434 $(9,615,116)$5,206,247 $(698,612)$151,867 $4.43 

(A) This column reflects the total grant date fair value of equity awards reported in the “Stock Awards” column in the SCT for the applicable year for Ms. Sloat for 2023 and Mr. Akins for 2022, 2021 and 2020. Neither Ms. Sloat nor Mr. Akins received any stock option awards in the years shown.
(B) The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following:
i.The year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year;
ii.The amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year;
iii.For awards that are granted and vest in same applicable year, of which there were not any for Ms. Sloat or Mr. Akins, the fair value as of the vesting date;
iv.For awards granted in prior years that had all applicable vesting conditions satisfied in the applicable year, the change in fair value as of the vesting date (from the end of the prior fiscal year);
v.For awards granted in prior years that are determined to permanently not meet the applicable vesting conditions during the applicable year, of which there were none for Ms. Sloat or Mr. Akins, a deduction equal to the fair value at the end of the prior fiscal year; and
vi.The dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year, of which there were none for Ms. Sloat or Mr. Akins.

The valuation methodology used to determine valuation assumptions and calculate fair values for the TSR portion of the Company’s performance units is consistent with those previously disclosed for the calculation of grant date values and was calculated in accordance with FASB ASC Topic 718 by an independent third party. See Note 15 to the Consolidated Financial Statements included in our Form 10-K for the applicable year for a discussion of the relevant assumptions used in calculating the grant date fair values of equity awards. The EPS and non-emitting generating capacity measures in the Company’s performance shares were valued using target scores as of the grant date, the Company’s projected score for each measure for valuation dates within the performance period, and the actual score for vested awards. These scores were multiplied by the closing share price of AEP common stock on the vesting date or at year end, as applicable, and by number of shares or units then outstanding associated with the weight assigned to each performance measure, including shares or units due to dividend credits.

The prorated portion of performance shares that vest due to the elimination of an executive’s position and separation from AEP service as the result of a consolidation, reorganization, restructuring or downsizing or under circumstances that give rise to Executive Severance Plan Benefits are treated as unvested until the end of the performance period for the purpose of calculating “CAP”. The unrestricted but not yet payable shares granted to Mr. Akins in 2023 were also treated as unvested shares on that date. The amounts deducted or added in calculating the equity award adjustments are as follows:
Year End Fair Value of Equity Award Granted in Year Shown
Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards
Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year
Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year
Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year
Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation
Total Equity Award Adjustments
Year
2023$6,788,470 $(872,237)$— $(591,451)$— $— $5,324,783 
2022
$14,002,330 $1,846,351 $— $150,168 $— $— $15,998,849 
2021
$12,066,172 $371,547 $— $1,499,351 $— $— $13,937,070 
2020$7,977,798 $(1,451,439)$— $(1,320,113)$— $— $5,206,247 

(C)    The amounts included in this column are the Change in Pension Value amounts reported in “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column of the SCT for the applicable year. Neither Ms. Sloat nor Mr. Akins received preferential or above-market earnings on deferred compensation for any of the years shown.
(D)    The total pension benefit adjustment for each applicable year includes the aggregate of two components: (i) the actuarially determined service cost for services rendered by Ms. Sloat or Mr. Akins during the applicable year (the “service cost”); and (ii) the entire cost of benefits granted in a plan amendment (or initiation) during the applicable year that are attributed by the benefit formula to services rendered in periods prior to the plan amendment or initiation (the “prior service cost”), of which there were none. In each case, the adjustments are calculated in accordance with U.S. GAAP. The amounts deducted or added in calculating the pension benefit adjustments are as follows:

Year / Plan
Service Cost
Prior Service Cost
Total Pension Benefit Adjustments
2023
AEP Retirement Plan
$14,385 $— $14,385 
AEP Supplemental Benefit Plan
$64,298 $— $64,298 
2023 Total
$78,683 $— $78,683 
2022
AEP Retirement Plan
$23,676 $— $23,676 
CSW Executive Retirement Plan
$148,834 $— $148,834 
2022 Total
$172,510 $— $172,510 
2021
AEP Retirement Plan
$23,999 $— $23,999 
CSW Executive Retirement Plan
$145,090 $— $145,090 
2021 Total
$169,089 $— $169,089 
2020
AEP Retirement Plan
$22,979 $— $22,979 
CSW Executive Retirement Plan
$128,888 $— $128,888 
2020 Total$151,867 $— $151,867 

(3)The dollar amounts reported in column (d) represent the average of the amounts reported for the Company’s named executive officers (NEOs) as a group (excluding Ms. Sloat for 2023 and Mr. Akins for 2020-2022) in the “Total” column of the SCT in the applicable year. Refer to the SCT in the proxy statement for each year for further information. The names of each of the NEOs (excluding Ms. Sloat for 2023 and Mr. Akins for 2020-2022) included for purposes of calculating the average amounts in each applicable year are as follows:
2023: Charles E. Zebula, David M. Feinberg, Christian T. Beam, Peggy I. Simmons, Nicholas K. Akins, and Ann P. Kelly
2022: Julia A. Sloat, Ann P. Kelly, David M. Feinberg, Charles E. Zebula, Paul Chodak III, and Lisa M. Barton
2021: Julia A. Sloat, Lisa M. Barton, David M. Feinberg, Charles E. Zebula, Brian X. Tierney, and Mark C. McCullough
2020: Brian X. Tierney, Lisa M. Barton, David M. Feinberg, and Lana L. Hillebrand
(4)The dollar amounts reported in column (e) represent the average amount of “CAP” for the NEOs as a group (excluding Ms. Sloat for 2023 and Mr. Akins for 2020- 2022), as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the NEOs as a group (excluding Ms. Sloat for 2023 and Mr. Akins for 2020-2022) during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for the NEOs as a group (excluding Ms. Sloat for 2023 and Mr. Akins for 2020-2022) for each year to determine the “CAP”, using the same methodology described above in Note 2:

Average Reported Summary Compensation Table Total for Non-PEO NEOs
Average Reported Value of Stock Awards
Average Equity Award Adjustments (A)
Average Reported
Change in Pension Value
Average Pension Benefit Adjustments (B)
Average Compensation Actually Paid “CAP” to Non-PEO NEOs
Year
2023$3,234,865 $(1,825,263)$(1,218,451)$(211,962)$75,549 $54,738 
2022
$3,069,010 $(1,896,237)$2,019,808 $(2,514)$55,520 $3,245,587 
2021
$3,372,510 $(1,903,587)$1,517,671 $(63,057)$55,056 $2,978,593 
2020$3,975,937 $(1,745,503)$709,359 $(278,008)$63,130 $2,724,914 
(A) The amounts deducted or added in calculating the total average equity award adjustments are as follows:
YearAverage Year End Fair Value of Equity Award Year over Year Average Change in Fair Value of Outstanding and Unvested Equity Awards Average Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year Year over Year Average Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year Average Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year Average Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation Total Average Equity Award Adjustments
2023$1,354,725 $(554,215)$14,510 $(750,710)$(1,282,762)$— $(1,218,451)
2022
$1,916,756 $222,215 $28,346 $36,593 $(184,101)$— $2,019,808 
2021
$1,487,311 $48,144 $215,087 $222,189 $(455,060)$— $1,517,671 
2020$1,344,554 $(357,232)$125,000 $(278,587)$(124,375)$— $709,359 

(B) The amounts deducted or added in calculating the total pension benefit adjustments are as follows:
Year / Plan
Average Service Cost
Average Prior Service Cost
Average Total Pension Benefit Adjustments
2023
AEP Retirement Plan
$18,505 $— $18,505 
AEP Supplement Benefit Plan
$57,044 $— $57,044 
2023 Total
$75,549 $— $75,549 
2022
AEP Retirement Plan
$15,227 $— $15,227 
AEP Supplement Benefit Plan
$40,293 $— $40,293 
2022 Total
$55,520 $— $55,520 
2021
AEP Retirement Plan
$12,220 $— $12,220 
AEP Supplement Benefit Plan
$42,836 $— $42,836 
2021 Total
$55,056 $— $55,056 
2020
AEP Retirement Plan
$14,110 $— $14,110 
AEP Supplement Benefit Plan
$49,020 $— $49,020 
2020 Total$63,130 $— $63,130 

(5)Total shareholder return (TSR) reflects the value at the end of the year shown of $100 invested in the Company’s common stock at the closing market price on the last trading day immediately prior to first year shown. This provides a cumulative TSR value that incorporates both the appreciation or depreciation of the Company’s stock price and the value of dividends, which are assumed to have been reinvested in additional AEP shares. TSR for this purpose was calculated and provided by Bloomberg L.P. as of December 31, 2023. Past performance is not a guarantee of future results.
(6)Represents the market-capitalization weighted average TSR of the S&P Electric Utilities (SP833) that was also used for the stock performance graph required by Item 201(e) of Regulation S-K in our Annual Report for the year ended December 31, 2023. This is an index of peer companies provided by S&P Dow Jones Indices LLC for which the TSR was calculated and provided by Bloomberg L.P. as of December 31, 2023.
(7)The dollar amounts reported represent the amount of net income reflected in the Company’s audited financial statements for the applicable year.
(8)Operating earnings per share is a non-GAAP financial measure. Exhibit A to the proxy statement for the corresponding year contains a full reconciliation of GAAP earnings per share to non-GAAP operating earnings per share for that year. For purposes of Item 402(v) of Regulation S-K, the Company has determined that operating earnings per share is the financial performance measure that, in the Company’s assessment, represents the most important performance measure used by the Company to link “CAP” of the Company’s NEOs to Company performance for the most recent two fiscal years. This performance measure may not have been the most important financial performance measure for 2020 or 2021 and the Company may determine a different financial performance measure to be the most important financial performance measure in future years.
      
PEO Total Compensation Amount [2] $ 10,633,745 $ 16,375,508 $ 15,051,215 $ 15,503,434
PEO Actually Paid Compensation Amount [3] $ 7,505,424 21,518,114 18,719,493 10,547,820
Adjustment To PEO Compensation, Footnote
Reported Summary Compensation Table Total
Reported Stock Awards (A)
Equity Award Adjustments (B)
Reported Change in Pension Value (C)
Pension Benefit Adjustments (D)
Operating Earnings Per Share(8)
Year
2023$10,633,745 $(8,321,524)$5,324,783 $(210,263)$78,683 $5.25 
2022
$16,375,508 $(10,824,690)$15,998,849 $(204,063)$172,510 $5.09 
2021
$15,051,215 $(9,976,149)$13,937,070 $(461,732)$169,089 $4.74 
2020$15,503,434 $(9,615,116)$5,206,247 $(698,612)$151,867 $4.43 

(A) This column reflects the total grant date fair value of equity awards reported in the “Stock Awards” column in the SCT for the applicable year for Ms. Sloat for 2023 and Mr. Akins for 2022, 2021 and 2020. Neither Ms. Sloat nor Mr. Akins received any stock option awards in the years shown.
(B) The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following:
i.The year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year;
ii.The amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year;
iii.For awards that are granted and vest in same applicable year, of which there were not any for Ms. Sloat or Mr. Akins, the fair value as of the vesting date;
iv.For awards granted in prior years that had all applicable vesting conditions satisfied in the applicable year, the change in fair value as of the vesting date (from the end of the prior fiscal year);
v.For awards granted in prior years that are determined to permanently not meet the applicable vesting conditions during the applicable year, of which there were none for Ms. Sloat or Mr. Akins, a deduction equal to the fair value at the end of the prior fiscal year; and
vi.The dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year, of which there were none for Ms. Sloat or Mr. Akins.

The valuation methodology used to determine valuation assumptions and calculate fair values for the TSR portion of the Company’s performance units is consistent with those previously disclosed for the calculation of grant date values and was calculated in accordance with FASB ASC Topic 718 by an independent third party. See Note 15 to the Consolidated Financial Statements included in our Form 10-K for the applicable year for a discussion of the relevant assumptions used in calculating the grant date fair values of equity awards. The EPS and non-emitting generating capacity measures in the Company’s performance shares were valued using target scores as of the grant date, the Company’s projected score for each measure for valuation dates within the performance period, and the actual score for vested awards. These scores were multiplied by the closing share price of AEP common stock on the vesting date or at year end, as applicable, and by number of shares or units then outstanding associated with the weight assigned to each performance measure, including shares or units due to dividend credits.

The prorated portion of performance shares that vest due to the elimination of an executive’s position and separation from AEP service as the result of a consolidation, reorganization, restructuring or downsizing or under circumstances that give rise to Executive Severance Plan Benefits are treated as unvested until the end of the performance period for the purpose of calculating “CAP”. The unrestricted but not yet payable shares granted to Mr. Akins in 2023 were also treated as unvested shares on that date. The amounts deducted or added in calculating the equity award adjustments are as follows:
Year End Fair Value of Equity Award Granted in Year Shown
Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards
Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year
Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year
Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year
Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation
Total Equity Award Adjustments
Year
2023$6,788,470 $(872,237)$— $(591,451)$— $— $5,324,783 
2022
$14,002,330 $1,846,351 $— $150,168 $— $— $15,998,849 
2021
$12,066,172 $371,547 $— $1,499,351 $— $— $13,937,070 
2020$7,977,798 $(1,451,439)$— $(1,320,113)$— $— $5,206,247 

(C)    The amounts included in this column are the Change in Pension Value amounts reported in “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column of the SCT for the applicable year. Neither Ms. Sloat nor Mr. Akins received preferential or above-market earnings on deferred compensation for any of the years shown.
(D)    The total pension benefit adjustment for each applicable year includes the aggregate of two components: (i) the actuarially determined service cost for services rendered by Ms. Sloat or Mr. Akins during the applicable year (the “service cost”); and (ii) the entire cost of benefits granted in a plan amendment (or initiation) during the applicable year that are attributed by the benefit formula to services rendered in periods prior to the plan amendment or initiation (the “prior service cost”), of which there were none. In each case, the adjustments are calculated in accordance with U.S. GAAP. The amounts deducted or added in calculating the pension benefit adjustments are as follows:

Year / Plan
Service Cost
Prior Service Cost
Total Pension Benefit Adjustments
2023
AEP Retirement Plan
$14,385 $— $14,385 
AEP Supplemental Benefit Plan
$64,298 $— $64,298 
2023 Total
$78,683 $— $78,683 
2022
AEP Retirement Plan
$23,676 $— $23,676 
CSW Executive Retirement Plan
$148,834 $— $148,834 
2022 Total
$172,510 $— $172,510 
2021
AEP Retirement Plan
$23,999 $— $23,999 
CSW Executive Retirement Plan
$145,090 $— $145,090 
2021 Total
$169,089 $— $169,089 
2020
AEP Retirement Plan
$22,979 $— $22,979 
CSW Executive Retirement Plan
$128,888 $— $128,888 
2020 Total$151,867 $— $151,867 
      
Non-PEO NEO Average Total Compensation Amount [4] $ 3,234,865 3,069,010 3,372,510 3,975,937
Non-PEO NEO Average Compensation Actually Paid Amount [5] $ 54,738 3,245,587 2,978,593 2,724,914
Adjustment to Non-PEO NEO Compensation Footnote
Average Reported Summary Compensation Table Total for Non-PEO NEOs
Average Reported Value of Stock Awards
Average Equity Award Adjustments (A)
Average Reported
Change in Pension Value
Average Pension Benefit Adjustments (B)
Average Compensation Actually Paid “CAP” to Non-PEO NEOs
Year
2023$3,234,865 $(1,825,263)$(1,218,451)$(211,962)$75,549 $54,738 
2022
$3,069,010 $(1,896,237)$2,019,808 $(2,514)$55,520 $3,245,587 
2021
$3,372,510 $(1,903,587)$1,517,671 $(63,057)$55,056 $2,978,593 
2020$3,975,937 $(1,745,503)$709,359 $(278,008)$63,130 $2,724,914 
(A) The amounts deducted or added in calculating the total average equity award adjustments are as follows:
YearAverage Year End Fair Value of Equity Award Year over Year Average Change in Fair Value of Outstanding and Unvested Equity Awards Average Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year Year over Year Average Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year Average Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year Average Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation Total Average Equity Award Adjustments
2023$1,354,725 $(554,215)$14,510 $(750,710)$(1,282,762)$— $(1,218,451)
2022
$1,916,756 $222,215 $28,346 $36,593 $(184,101)$— $2,019,808 
2021
$1,487,311 $48,144 $215,087 $222,189 $(455,060)$— $1,517,671 
2020$1,344,554 $(357,232)$125,000 $(278,587)$(124,375)$— $709,359 

(B) The amounts deducted or added in calculating the total pension benefit adjustments are as follows:
Year / Plan
Average Service Cost
Average Prior Service Cost
Average Total Pension Benefit Adjustments
2023
AEP Retirement Plan
$18,505 $— $18,505 
AEP Supplement Benefit Plan
$57,044 $— $57,044 
2023 Total
$75,549 $— $75,549 
2022
AEP Retirement Plan
$15,227 $— $15,227 
AEP Supplement Benefit Plan
$40,293 $— $40,293 
2022 Total
$55,520 $— $55,520 
2021
AEP Retirement Plan
$12,220 $— $12,220 
AEP Supplement Benefit Plan
$42,836 $— $42,836 
2021 Total
$55,056 $— $55,056 
2020
AEP Retirement Plan
$14,110 $— $14,110 
AEP Supplement Benefit Plan
$49,020 $— $49,020 
2020 Total$63,130 $— $63,130 
      
Compensation Actually Paid vs. Total Shareholder Return
“CAP” vs. AEP TSR

As shown in the chart below, as AEP’s TSR increased in 2021 and 2022 before declining in 2023. “CAP” also increased, particularly for the PEO, in 2021 and 2022 before declining in 2023. The decline in PEO “CAP” in 2023 was primarily due to an incumbent change. In addition, CAP for both the PEO and Non-PEO NEOs declined due to the Company not meeting its operating earnings per share goal. Despite the impact on “CAP” of the PEO incumbent change, the chart shows directional alignment of “CAP” with TSR for all years. This alignment is due primarily to the use of equity incentives, the value of which is denominated in AEP stock and thereby directly tied to AEP’s TSR. In addition, CAP is significantly driven by performance shares and the substantial portion of short-term incentive compensation that is tied to operating earnings per share and other performance measures that we believe are directionally aligned with the value that AEP provides to shareholders that further encourage TSR improvement through incentive compensation leverage. For example, performance that would drive an x% increase in stock price might drive a 2x% increase in “CAP” through such leverage. Such incentive leverage increases the incentive for executives to produce strong performance on metrics that drive TSR.


Cap vs AEP TSR.jpg
      
Compensation Actually Paid vs. Net Income
“CAP” vs. Net Income

The chart below shows that “CAP” for our PEO and the average “CAP” for our Non-PEO NEOs (excluding Ms. Sloat for 2023 and Mr. Akins for 2020-2022) was directionally aligned with the Company’s net income for 2021 and 2023 but not for 2022. The lack of directional alignment of “CAP” to Net Income for 2022 is because the Company uses operating earnings per share, not net income, as the primary measure of the Company’s earnings performance in its executive compensation program. Therefore, when operating earnings per share and net income are not directionally consistent, as was the case in 2022, “CAP” is more likely to be aligned with operating earnings per share and not net income. The Company does not use net income as a performance measure, in part, because the Company believes operating earnings per share is a measure upon which management’s actions have a more significant impact and, therefore, it is a better measure of the performance of management and the Company. Operating earnings per share also better reflects the Company’s future earnings capacity and is more closely aligned with the Company’s TSR.

CAP vs Net Income.jpg
      
Compensation Actually Paid vs. Company Selected Measure
“CAP” vs. AEP Operating Earnings Per Share

As shown in the chart below, AEP’s operating earnings per share was well aligned with “CAP” for 2021 and 2022 but not for 2023. This is because the “CAP” for our PEO declined in 2023 due to an incumbent change. It is also the result of operating earnings per share performance, that while it reflected positive growth, still fell short of our target level for 2023. The alignment of “CAP” with operating earnings per share for 2021 and 2022 is because 50% of long-term incentive compensation and 60% of short-term incentive compensation are tied to achievement of operating earnings per share objectives over a three-year and one-year period, respectively. The HR Committee assigned these substantial incentive compensation weights to operating earnings per share, in part, because it is a measure upon which management’s actions have significant impact, and it reflects the achievement of the Company’s earnings growth targets, which are a primary driver of the Company’s stock price and TSR.


CAP vs Op EPS.jpg
      
Total Shareholder Return Vs Peer Group
Total Shareholder Return (TSR): AEP vs. Industry Peer Index (S&P Electric Utilities)

As shown in the chart below, AEP’s 4-year cumulative TSR was slightly negative and lagged our industry peers for the 2020 through 2023 period, particularly in 2020 and 2021. AEP’s 4-year cumulative TSR regained ground in 2022 relative to industry peers but lost some of that ground in 2023 when both the Company and the industry experienced negative TSR.
TSR AEP vs Peers.jpg
      
Tabular List, Table
The six performance measures below represent the most important measures we used to determine “CAP” for AEP's NEO's and other employees in 2023. These measures are further described in the Compensation Discussion and Analysis in the sections titled Annual Incentive Compensation and Long-term Incentive Compensation.

Most Important 2023 Performance Measures Impacting "CAP"
Financial Measures (A)
Operating Earnings Per Share
Total Shareholder Return Rank Relative to vs. Peer Companies Group
Non-Financial Measures
Employee & Contractor Safety
Carbon Free Generation Capacity Additions
Operations: Quality of Service (SAIDI)
Workforce & Culture
(A) AEP used 2 financial measures in 2022.
      
Total Shareholder Return Amount [6] $ 98.94 111.14 100.69 90.97
Peer Group Total Shareholder Return Amount [7] 117.67 126.63 123.78 103.13
Net Income (Loss) [8] $ 2,212,600 $ 2,305,600 $ 2,488,100 $ 2,196,700
Company Selected Measure Amount | $ / shares [9] 5.25 5.09 4.74 4.43
PEO | Stock Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount [1] $ (8,321,524) $ (10,824,690) $ (9,976,149) $ (9,615,116)
PEO | Equity Award Adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount [10] 5,324,783 15,998,849 13,937,070 5,206,247
PEO | Change in Pension [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount [11] (210,263) (204,063) (461,732) (698,612)
PEO | Pension Benefit Adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount [12] 78,683 172,510 169,089 151,867
PEO | Year End Fair Value of Equity Award Granted [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 6,788,470 14,002,330 12,066,172 7,977,798
PEO | YOY Change in Fair Value of Outstanding and Unvested Equity Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (872,237) 1,846,351 371,547 (1,451,439)
PEO | Fair Value as of Vesting Date of Equity Awards Granted and Vested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
PEO | YOY Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (591,451) 150,168 1,499,351 (1,320,113)
PEO | Fair Value at End of Prior Year of Equity Awards that Failed to Meet Vesting Conditions [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
PEO | Value of Dividends or other Earnings Paid on Stock or Option Awards not Reflected in Fair Value [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
PEO | AEP Retirement Plan Service Cost [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 14,385 23,676 23,999 22,979
PEO | AEP Retirement Plan Prior Service Cost [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
PEO | AEP Retirement Plan Pension Benefit Adjustments - Detailed Total [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 14,385 23,676 23,999 22,979
PEO | CSW Executive Retirement Plan Service Cost [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 64,298 148,834 145,090 128,888
PEO | CSW Executive Retirement Plan Prior Service Cost [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
PEO | CSW Executive Retirement Plan Pension Benefit Adjustments - Detailed Total [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 64,298 148,834 145,090 128,888
PEO | Service Cost [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 78,683 172,510 169,089 151,867
PEO | Prior Service Cost [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
PEO | Pension Benefit Adjustments - Detailed Total [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 78,683 172,510 169,089 151,867
Non-PEO NEO | Stock Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (1,825,263) (1,896,237) (1,903,587) (1,745,503)
Non-PEO NEO | Equity Award Adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount [13] (1,218,451) 2,019,808 1,517,671 709,359
Non-PEO NEO | Change in Pension [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (211,962) (2,514) (63,057) (278,008)
Non-PEO NEO | Pension Benefit Adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount [14] 75,549 55,520 55,056 63,130
Non-PEO NEO | Year End Fair Value of Equity Award Granted [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,354,725 1,916,756 1,487,311 1,344,554
Non-PEO NEO | YOY Change in Fair Value of Outstanding and Unvested Equity Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (554,215) 222,215 48,144 (357,232)
Non-PEO NEO | Fair Value as of Vesting Date of Equity Awards Granted and Vested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 14,510 28,346 215,087 125,000
Non-PEO NEO | YOY Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (750,710) 36,593 222,189 (278,587)
Non-PEO NEO | Fair Value at End of Prior Year of Equity Awards that Failed to Meet Vesting Conditions [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (1,282,762) (184,101) (455,060) (124,375)
Non-PEO NEO | Value of Dividends or other Earnings Paid on Stock or Option Awards not Reflected in Fair Value [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
Non-PEO NEO | AEP Retirement Plan Service Cost [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 18,505 15,227 12,220 14,110
Non-PEO NEO | AEP Retirement Plan Prior Service Cost [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
Non-PEO NEO | AEP Retirement Plan Pension Benefit Adjustments - Detailed Total [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 18,505 15,227 12,220 14,110
Non-PEO NEO | Service Cost [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 75,549 55,520 55,056 63,130
Non-PEO NEO | Prior Service Cost [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
Non-PEO NEO | Pension Benefit Adjustments - Detailed Total [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 75,549 55,520 55,056 63,130
Non-PEO NEO | AEP Supplement Benefit Plan Service Cost [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 57,044 40,293 42,836 49,020
Non-PEO NEO | AEP Supplement Benefit Plan Prior Service Cost [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
Non-PEO NEO | AEP Supplemental Benefit Plan Pension Benefit Adjustments - Detailed Total [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 57,044 $ 40,293 $ 42,836 $ 49,020
[1] This column reflects the total grant date fair value of equity awards reported in the “Stock Awards” column in the SCT for the applicable year for Ms. Sloat for 2023 and Mr. Akins for 2022, 2021 and 2020. Neither Ms. Sloat nor Mr. Akins received any stock option awards in the years shown.
[2] “PEO” means Principal Executive Officer, which was Julie A. Sloat for 2023 and Nicholas K. Akins for 2022, 2021 and 2020. Ms. Sloat replaced Mr. Mr. Akins as CEO effective January 1, 2023, at which point Mr. Akins became Executive Chair. The dollar amounts reported in column (b) are the amounts of total compensation reported for the applicable PEO for 2022, 2021 and 2020 for the corresponding year in the “Total” column of the Summary Compensation Table (“SCT”). Refer to the SCT in the proxy statement for each year for further information.
[3] The dollar amounts reported in column (c) represent the amount of “compensation actually paid” or “CAP” for Ms. Sloat or Mr. Akins, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Ms. Sloat or Mr. Akins during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Ms. Sloat’s or Mr. Akins’ Total Compensation shown in the SCT for the applicable year to calculate “CAP”:
Reported Summary Compensation Table Total
Reported Stock Awards (A)
Equity Award Adjustments (B)
Reported Change in Pension Value (C)
Pension Benefit Adjustments (D)
Operating Earnings Per Share(8)
Year
2023$10,633,745 $(8,321,524)$5,324,783 $(210,263)$78,683 $5.25 
2022
$16,375,508 $(10,824,690)$15,998,849 $(204,063)$172,510 $5.09 
2021
$15,051,215 $(9,976,149)$13,937,070 $(461,732)$169,089 $4.74 
2020$15,503,434 $(9,615,116)$5,206,247 $(698,612)$151,867 $4.43 

(A) This column reflects the total grant date fair value of equity awards reported in the “Stock Awards” column in the SCT for the applicable year for Ms. Sloat for 2023 and Mr. Akins for 2022, 2021 and 2020. Neither Ms. Sloat nor Mr. Akins received any stock option awards in the years shown.
(B) The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following:
i.The year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year;
ii.The amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year;
iii.For awards that are granted and vest in same applicable year, of which there were not any for Ms. Sloat or Mr. Akins, the fair value as of the vesting date;
iv.For awards granted in prior years that had all applicable vesting conditions satisfied in the applicable year, the change in fair value as of the vesting date (from the end of the prior fiscal year);
v.For awards granted in prior years that are determined to permanently not meet the applicable vesting conditions during the applicable year, of which there were none for Ms. Sloat or Mr. Akins, a deduction equal to the fair value at the end of the prior fiscal year; and
vi.The dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year, of which there were none for Ms. Sloat or Mr. Akins.

The valuation methodology used to determine valuation assumptions and calculate fair values for the TSR portion of the Company’s performance units is consistent with those previously disclosed for the calculation of grant date values and was calculated in accordance with FASB ASC Topic 718 by an independent third party. See Note 15 to the Consolidated Financial Statements included in our Form 10-K for the applicable year for a discussion of the relevant assumptions used in calculating the grant date fair values of equity awards. The EPS and non-emitting generating capacity measures in the Company’s performance shares were valued using target scores as of the grant date, the Company’s projected score for each measure for valuation dates within the performance period, and the actual score for vested awards. These scores were multiplied by the closing share price of AEP common stock on the vesting date or at year end, as applicable, and by number of shares or units then outstanding associated with the weight assigned to each performance measure, including shares or units due to dividend credits.

The prorated portion of performance shares that vest due to the elimination of an executive’s position and separation from AEP service as the result of a consolidation, reorganization, restructuring or downsizing or under circumstances that give rise to Executive Severance Plan Benefits are treated as unvested until the end of the performance period for the purpose of calculating “CAP”. The unrestricted but not yet payable shares granted to Mr. Akins in 2023 were also treated as unvested shares on that date. The amounts deducted or added in calculating the equity award adjustments are as follows:
Year End Fair Value of Equity Award Granted in Year Shown
Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards
Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year
Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year
Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year
Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation
Total Equity Award Adjustments
Year
2023$6,788,470 $(872,237)$— $(591,451)$— $— $5,324,783 
2022
$14,002,330 $1,846,351 $— $150,168 $— $— $15,998,849 
2021
$12,066,172 $371,547 $— $1,499,351 $— $— $13,937,070 
2020$7,977,798 $(1,451,439)$— $(1,320,113)$— $— $5,206,247 

(C)    The amounts included in this column are the Change in Pension Value amounts reported in “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column of the SCT for the applicable year. Neither Ms. Sloat nor Mr. Akins received preferential or above-market earnings on deferred compensation for any of the years shown.
(D)    The total pension benefit adjustment for each applicable year includes the aggregate of two components: (i) the actuarially determined service cost for services rendered by Ms. Sloat or Mr. Akins during the applicable year (the “service cost”); and (ii) the entire cost of benefits granted in a plan amendment (or initiation) during the applicable year that are attributed by the benefit formula to services rendered in periods prior to the plan amendment or initiation (the “prior service cost”), of which there were none. In each case, the adjustments are calculated in accordance with U.S. GAAP. The amounts deducted or added in calculating the pension benefit adjustments are as follows:

Year / Plan
Service Cost
Prior Service Cost
Total Pension Benefit Adjustments
2023
AEP Retirement Plan
$14,385 $— $14,385 
AEP Supplemental Benefit Plan
$64,298 $— $64,298 
2023 Total
$78,683 $— $78,683 
2022
AEP Retirement Plan
$23,676 $— $23,676 
CSW Executive Retirement Plan
$148,834 $— $148,834 
2022 Total
$172,510 $— $172,510 
2021
AEP Retirement Plan
$23,999 $— $23,999 
CSW Executive Retirement Plan
$145,090 $— $145,090 
2021 Total
$169,089 $— $169,089 
2020
AEP Retirement Plan
$22,979 $— $22,979 
CSW Executive Retirement Plan
$128,888 $— $128,888 
2020 Total$151,867 $— $151,867 
[4] The dollar amounts reported in column (d) represent the average of the amounts reported for the Company’s named executive officers (NEOs) as a group (excluding Ms. Sloat for 2023 and Mr. Akins for 2020-2022) in the “Total” column of the SCT in the applicable year. Refer to the SCT in the proxy statement for each year for further information. The names of each of the NEOs (excluding Ms. Sloat for 2023 and Mr. Akins for 2020-2022) included for purposes of calculating the average amounts in each applicable year are as follows:
2023: Charles E. Zebula, David M. Feinberg, Christian T. Beam, Peggy I. Simmons, Nicholas K. Akins, and Ann P. Kelly
2022: Julia A. Sloat, Ann P. Kelly, David M. Feinberg, Charles E. Zebula, Paul Chodak III, and Lisa M. Barton
2021: Julia A. Sloat, Lisa M. Barton, David M. Feinberg, Charles E. Zebula, Brian X. Tierney, and Mark C. McCullough
2020: Brian X. Tierney, Lisa M. Barton, David M. Feinberg, and Lana L. Hillebrand
[5] The dollar amounts reported in column (e) represent the average amount of “CAP” for the NEOs as a group (excluding Ms. Sloat for 2023 and Mr. Akins for 2020- 2022), as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the NEOs as a group (excluding Ms. Sloat for 2023 and Mr. Akins for 2020-2022) during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for the NEOs as a group (excluding Ms. Sloat for 2023 and Mr. Akins for 2020-2022) for each year to determine the “CAP”, using the same methodology described above in Note 2:
Average Reported Summary Compensation Table Total for Non-PEO NEOs
Average Reported Value of Stock Awards
Average Equity Award Adjustments (A)
Average Reported
Change in Pension Value
Average Pension Benefit Adjustments (B)
Average Compensation Actually Paid “CAP” to Non-PEO NEOs
Year
2023$3,234,865 $(1,825,263)$(1,218,451)$(211,962)$75,549 $54,738 
2022
$3,069,010 $(1,896,237)$2,019,808 $(2,514)$55,520 $3,245,587 
2021
$3,372,510 $(1,903,587)$1,517,671 $(63,057)$55,056 $2,978,593 
2020$3,975,937 $(1,745,503)$709,359 $(278,008)$63,130 $2,724,914 
(A) The amounts deducted or added in calculating the total average equity award adjustments are as follows:
YearAverage Year End Fair Value of Equity Award Year over Year Average Change in Fair Value of Outstanding and Unvested Equity Awards Average Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year Year over Year Average Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year Average Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year Average Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation Total Average Equity Award Adjustments
2023$1,354,725 $(554,215)$14,510 $(750,710)$(1,282,762)$— $(1,218,451)
2022
$1,916,756 $222,215 $28,346 $36,593 $(184,101)$— $2,019,808 
2021
$1,487,311 $48,144 $215,087 $222,189 $(455,060)$— $1,517,671 
2020$1,344,554 $(357,232)$125,000 $(278,587)$(124,375)$— $709,359 

(B) The amounts deducted or added in calculating the total pension benefit adjustments are as follows:
Year / Plan
Average Service Cost
Average Prior Service Cost
Average Total Pension Benefit Adjustments
2023
AEP Retirement Plan
$18,505 $— $18,505 
AEP Supplement Benefit Plan
$57,044 $— $57,044 
2023 Total
$75,549 $— $75,549 
2022
AEP Retirement Plan
$15,227 $— $15,227 
AEP Supplement Benefit Plan
$40,293 $— $40,293 
2022 Total
$55,520 $— $55,520 
2021
AEP Retirement Plan
$12,220 $— $12,220 
AEP Supplement Benefit Plan
$42,836 $— $42,836 
2021 Total
$55,056 $— $55,056 
2020
AEP Retirement Plan
$14,110 $— $14,110 
AEP Supplement Benefit Plan
$49,020 $— $49,020 
2020 Total$63,130 $— $63,130 
[6] Total shareholder return (TSR) reflects the value at the end of the year shown of $100 invested in the Company’s common stock at the closing market price on the last trading day immediately prior to first year shown. This provides a cumulative TSR value that incorporates both the appreciation or depreciation of the Company’s stock price and the value of dividends, which are assumed to have been reinvested in additional AEP shares. TSR for this purpose was calculated and provided by Bloomberg L.P. as of December 31, 2023. Past performance is not a guarantee of future results.
[7] Represents the market-capitalization weighted average TSR of the S&P Electric Utilities (SP833) that was also used for the stock performance graph required by Item 201(e) of Regulation S-K in our Annual Report for the year ended December 31, 2023. This is an index of peer companies provided by S&P Dow Jones Indices LLC for which the TSR was calculated and provided by Bloomberg L.P. as of December 31, 2023.
[8] The dollar amounts reported represent the amount of net income reflected in the Company’s audited financial statements for the applicable year.
[9] Operating earnings per share is a non-GAAP financial measure. Exhibit A to the proxy statement for the corresponding year contains a full reconciliation of GAAP earnings per share to non-GAAP operating earnings per share for that year. For purposes of Item 402(v) of Regulation S-K, the Company has determined that operating earnings per share is the financial performance measure that, in the Company’s assessment, represents the most important performance measure used by the Company to link “CAP” of the Company’s NEOs to Company performance for the most recent two fiscal years. This performance measure may not have been the most important financial performance measure for 2020 or 2021 and the Company may determine a different financial performance measure to be the most important financial performance measure in future years.
[10] The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following:
i.The year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year;
ii.The amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year;
iii.For awards that are granted and vest in same applicable year, of which there were not any for Ms. Sloat or Mr. Akins, the fair value as of the vesting date;
iv.For awards granted in prior years that had all applicable vesting conditions satisfied in the applicable year, the change in fair value as of the vesting date (from the end of the prior fiscal year);
v.For awards granted in prior years that are determined to permanently not meet the applicable vesting conditions during the applicable year, of which there were none for Ms. Sloat or Mr. Akins, a deduction equal to the fair value at the end of the prior fiscal year; and
vi.The dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year, of which there were none for Ms. Sloat or Mr. Akins.
[11] The amounts included in this column are the Change in Pension Value amounts reported in “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column of the SCT for the applicable year. Neither Ms. Sloat nor Mr. Akins received preferential or above-market earnings on deferred compensation for any of the years shown.
[12] The total pension benefit adjustment for each applicable year includes the aggregate of two components: (i) the actuarially determined service cost for services rendered by Ms. Sloat or Mr. Akins during the applicable year (the “service cost”); and (ii) the entire cost of benefits granted in a plan amendment (or initiation) during the applicable year that are attributed by the benefit formula to services rendered in periods prior to the plan amendment or initiation (the “prior service cost”), of which there were none. In each case, the adjustments are calculated in accordance with U.S. GAAP. The amounts deducted or added in calculating the pension benefit adjustments are as follows:
Year / Plan
Service Cost
Prior Service Cost
Total Pension Benefit Adjustments
2023
AEP Retirement Plan
$14,385 $— $14,385 
AEP Supplemental Benefit Plan
$64,298 $— $64,298 
2023 Total
$78,683 $— $78,683 
2022
AEP Retirement Plan
$23,676 $— $23,676 
CSW Executive Retirement Plan
$148,834 $— $148,834 
2022 Total
$172,510 $— $172,510 
2021
AEP Retirement Plan
$23,999 $— $23,999 
CSW Executive Retirement Plan
$145,090 $— $145,090 
2021 Total
$169,089 $— $169,089 
2020
AEP Retirement Plan
$22,979 $— $22,979 
CSW Executive Retirement Plan
$128,888 $— $128,888 
2020 Total$151,867 $— $151,867 
[13] The amounts deducted or added in calculating the total average equity award adjustments are as follows:
YearAverage Year End Fair Value of Equity Award Year over Year Average Change in Fair Value of Outstanding and Unvested Equity Awards Average Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year Year over Year Average Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year Average Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year Average Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation Total Average Equity Award Adjustments
2023$1,354,725 $(554,215)$14,510 $(750,710)$(1,282,762)$— $(1,218,451)
2022
$1,916,756 $222,215 $28,346 $36,593 $(184,101)$— $2,019,808 
2021
$1,487,311 $48,144 $215,087 $222,189 $(455,060)$— $1,517,671 
2020$1,344,554 $(357,232)$125,000 $(278,587)$(124,375)$— $709,359 
[14] The amounts deducted or added in calculating the total pension benefit adjustments are as follows:
Year / Plan
Average Service Cost
Average Prior Service Cost
Average Total Pension Benefit Adjustments
2023
AEP Retirement Plan
$18,505 $— $18,505 
AEP Supplement Benefit Plan
$57,044 $— $57,044 
2023 Total
$75,549 $— $75,549 
2022
AEP Retirement Plan
$15,227 $— $15,227 
AEP Supplement Benefit Plan
$40,293 $— $40,293 
2022 Total
$55,520 $— $55,520 
2021
AEP Retirement Plan
$12,220 $— $12,220 
AEP Supplement Benefit Plan
$42,836 $— $42,836 
2021 Total
$55,056 $— $55,056 
2020
AEP Retirement Plan
$14,110 $— $14,110 
AEP Supplement Benefit Plan
$49,020 $— $49,020 
2020 Total$63,130 $— $63,130