The T. Rowe Price Group Inc.'s CEO James Kennedy  and Chairman Brian Rogers each enjoyed a healthy jump in their compensation in 2012.

According to the Baltimore fund firm's annual proxy statement filed March 14, Kennedy's total compensation increased 7% to $8.4 million in 2012 from $7.9 million in 2011. Meanwhile, Rogers saw his total compensation rise 7.7% to $8.3 million from $7.7 million the year prior.

Both executives enjoyed $888,383 in stock awards. A significant bulk of the rise in compensation also came from both executives' bonuses, each receiving $6.1 million in 2012 versus $5.5 million in 2011.

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