DEARBORN, MI- As part of Ford Motors Co.'s 2012 financial performance, United Auto Workers with the company will each receive $8,300 on average.

The profit sharing checks for the approximately 45,800 eligible U.S. hourly employees are part of the collective bargaining agreement the union reached with the Dearborn-based automaker in October 2011.

Individual profit sharing payments may be higher or lower based on employee compensated hours, according to Ford.

Ford on Tuesday reported net income of $5.67 billion, or $1.42 per share, in 2012, including a pre-tax profit of $8.3 billion in North America.

During contract negotiations in 2011, the UAW opted for profit sharing and promises of jobs rather than any substantial annual pay raises.

When ratifying the four-year contract, UAW President Bob King continuously preached the union should not fight against the automakers, as it had in the past, but work together and share in the company’s success.

"We did a lot of good for America," King told WJR-AM 760 host Paul W. Smith on Oct. 27, 2011. "Nobody actually is creating more good middle-class jobs than the auto companies and the UAW working together."

More than 22,000 workers, or 63 percent of those who cast ballots, voted in favor of the pact, while almost 13,000, or 37 percent, opposed it

Ford's earnings overall last year were down from 2011, when it posted a $20.2 billion profit, but that included a one-time, non-cash tax benefit of $12.4 billion.

Revenue for Ford in 2012 was $36.5 billion, up from $34.6 billion in 2011. Ford expects better results for North America this year, as the market increases and demand for its best-selling F-Series and new product portfolio, which includes the Escape and Fusion, are expected to grow.

Click here for more on Ford's 2012 earnings.