Tanger Factory Outlet Centers Inc.’s CEO saw his total compensation fall 3.7 percent in the company’s 2017 fiscal year due to a decrease in his incentive-based cash bonus payment, according to a Securities and Exchange filing on Wednesday.

Steven B. Tanger, son of the brand name outlet company’s founder, made $7 million in total for the fiscal year, down from $7.3 million in the company’s 2016 fiscal year. His incentive-based cash bonus declined 22.5 percent, to $993,000 in fiscal year 2017 from nearly $1.3 million in fiscal year 2016.

The incentive-based cash bonus was based on Tanger’s achievement of specific performance-based criteria set at the start of the fiscal year.

Tanger’s salary for 2017 was $850,000, up slightly from his 2016 salary of $824,000. The bulk of his compensation came from stock awards, where he made $4.5 million, a 1.5 percent increase on his stock awards in 2016.

Thomas E. McDonough, who was promoted to president and chief operating officer last year, received total compensation of $3.2 million, a 3.1 percent decline from his fiscal year 2016 compensation.

That includes $413,000 in incentive-based cash bonus, down 21.4 percent from his incentive-based cash bonus in fiscal year 2016.

McDonough’s base salary was $394,000, according to the filing, which can be found here.

Tanger Factory, which owns outlet stores that are leased to brand name manufacturers for direct sales to customers, reported net income of $71.8 million for fiscal year 2017, down 64.8 percent from the company’s fiscal year 2016 net income.

The company said in a filing, which can be found here, that a majority of this decrease is due to expenses from an early retirement of debt.

Tanger Factory’s annual meeting will be Friday, May 18, at 10 a.m. Eastern time, at its corporate headquarters, located at 3200 Northline Avenue, Suite 360, in Greensboro.

The company’s shares sat at $22.76 Wednesday at midday, up nearly 1 percent from the day’s opening.