As part of a recent analysis of CEO pay, executive compensation firm Equilar provided a list of the five chief executives whose pay represented the smallest percentage of market cap increase over the past three years.

"We thought it would be interesting to evaluate the CEOs who were the most cost effective from a shareholder's perspective," said an Equilar spokesman.

Knight

At the top of the list: Knight Transportation CEO Kevin Knight. The company's market cap increased by more than $520 million during the past three years, but Knight's three-year total compensation was only $790,000 or 0.15 percent of the value created.

Other examples are below, and Equilar's complete analysis is available inside:

Executive

Company

3 Year Market Cap Increase

3 Year Total Compensation

Percent Of Value Created

Kevin Knight

Knight Transport.

$520,800,000

$790,000

0.15%

Michael Hayes

Freds, Inc.

$499,700,000

$935,016

0.19%

J. Hyatt Brown

Brown & Brown

$1,610,200,000

$3,298,372

0.20%

Equilar Analysis: Does CEO Pay Adjust To Company Performance?