Executives at BC Ferries got a big bump in their total compensation last year as the government owned company lost money and passenger levels sank to a 21-year low.

Michael Corrigan, who replaced David Hahn as president and CEO at the start of the year, received $915,615 in the fiscal year that ended March 31, 2012. That was up from $540,615 in 2011 when he was a vice president and Chief Operating Officer.

The 2012 amount included a payment of $229,600 as compensation for the cancellation of the long term incentive plan, which the board discontinued beginning April 1, 2012.

Hahn, who retired on Dec. 31, 2011, received $1,137,007 in 2012, up from compensation of $997,199 in 2011. The amount included base salary, incentive payments and pension benefits.

Notes included in BC Ferries' statement of executive compensation say Hahn elected to be paid "the actuarial equivalent of the lifetime pension payable in equal monthly installments over a period of five years beginning in January 2012." That amounted to a payment of $201,334 in the fiscal year.

Glen Schwartz, the company's vice president for human resources and corporate development received total compensation of $755,618 in 2012, up from $501,965 in 2011, and including a $211,680 payment for cancellation of the long term bonus plan.

Vice president and Chief Financial Officer Robert Clarke received $743,653 in 2012. That was up from $538,844 in 2011 and included a long term bonus plan cancellation payment of $208,110.

Two weeks ago BC Ferries released financial records showing the company had lost $16.5 million in the year that ended March 31, 2012. During the year vehicle traffic declined by 3.5 percent to the lowest level in 13 years and passenger traffic fell by 2.8 percent, making it the lowest its been in 21 years.

Andrew MacLeod is The Tyee’s Legislative Bureau Chief in Victoria. Find him on Twitter or reach him here.