Realizable pay is an supplemental approach to executive compensation disclosure mandated by the SEC (the Summary Compensation Table) that provides a clearer view of how executive compensation is aligned with total shareholder returns. Although there are several variations of realizable pay, a leading approach provides an aggregate total of compensation granted and realized or outstanding over a three-year period, with equity re-valued as of the stock price at the end of the period without regard to vesting (in the case of shares) or exercise (in the case of options). Realizable pay demonstrates the extent to which executive compensation is aligned with shareholders interests by showing how the value of actual and potential pay fluctuates with stock price as of the end of a certain period. Because realizable pay can be calculated from information in the proxy, the alignment between pay and total shareholder return can be readily compared to peers. Proxy advisory firms ISS and Glass Lewis have incorporated different definitions of realizable pay into their respective qualitative analyses. One drawback of realizable pay is that because it combines actual pay with a current snapshot of future incentive pay, it may differ significantly from the comparison of pay actually received at the end of the performance period to the performance over that period. However, most observers believe it is a helpful lens as a supplament to the Summary Compensation Table.