By Joan E. Solsman

Of Dow Jones NEWSWIRES

NEW YORK -(Dow Jones)- The value of Lowe's Cos. (LOW) Chairman and Chief Executive Robert A. Niblock's total compensation last year was $11.6 million, down 3.4%.

According to a filing with the Securities and Exchange Commission, the value of Niblock's option awards declined 23% to $3.2 million, and his cash incentive compensation dropped 33% to $1.5 million.

However, his stock awards rose 29% in value to $5.6 million, and his salary increased 5% to $1.2 million.

Other executives experienced similar, modest declines in total compensation. The value of Chief Financial Officer Robert F. Hull Jr.'s total compensation fell 3.1% to $3.5 million. For Gregory M. Bridgeford, Lowe's executive vice president of business development, it fell 2.3% to $3.1 million.

In its latest quarterly results, Lowe's reported a 13% earnings increase on its strongest same-store sales growth in nearly six years. The company's credit-card discount program and pleasant weather drove consumers to the home-improvement chain.

However, Lowe's same-store sales have long underperformed larger rival Home Depot Inc. (HD), and its results earlier in the year were stung by charges linked to store closures as Lowe's attempts to right-size its operations.

Lowe's shares closed up 19 cents at $31.69 Friday. The stock rose 1.2% in 2011 and has jumped 25% so far this year.

-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; joan.solsman@dowjones.com