[danielweber]

Schedule a meeting with supervisor.

At the meeting, bring up how well the company is doing and how well you are doing. Ask for a raise.

You don't need to say where you got your number, or complain that you were underpaid before. Go in knowing your market salary -- which they probably know anyway.

EDIT This isn't a surefire plan; as the sibling comment says, sometimes you have to leave to get paid your market.

[vonmoltke]

I loved the line a manager at my previous employer gave us circa 2011 about our terrible raises:

"Well, the company is doing well, but since the economy sucks and unemployment is at 8% the company feels like we should be fortunate to have jobs and thus doesn't feel like they will lose anyone over salary."

It should be noted that, from 2006 until I finally got out in 2012 I saw two people leave for outside opportunities, out of a program that had over 300 people. More people retired than quit. Maybe management just had them that well pegged.

[seanflyon]

That's when you should get another offer. Either you put yourself in a great negotiating position, or you realize that they were right and feel fortunate to have your current job.