A word of caution
It probably isn't realistic to expect to close the $14,000 gap between your pay and your colleague's all at once, if ever. According to a raft of recent surveys, the average pay increase companies are planning for 2012 hovers between 2.8% and 3%, up a little from around 2.6% in 2010 and 2011. (The pre-recession average, from 2005 to 2008, was 4%.)
Still, it's in your employer's best interest to compensate you fairly, because you sound like the kind of person they really don't want to lose -- either now or down the road when the job market comes back to life. Good luck.
Talkback:
Have you asked for a raise recently? Did you get it? Does your company offer performance bonuses? Leave a comment below.