* Bulk of Schwarzman's income from distributions, legacy funds
* Payout up 33 pct from 2010, thanks to legacy funds
* COO James got $52.6 mln last year
By Paritosh Bansal and Greg Roumeliotis
Feb 28 (Reuters) - Blackstone Group LP co-founder Stephen Schwarzman got about $213.5 million in salary, share of profits and cash distributions from his holdings in the world's largest private equity firm in 2011, up 33 percent from the previous year.