EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2011

EARNINGS PER SHARE

EARNINGS PER SHARE

15. EARNINGS PER SHARE

        Basic earnings per share is computed by dividing net income available to PLC's common shareowners by the weighted-average number of common shares outstanding during the period, including shares issuable under various deferred compensation plans. Diluted earnings per share is computed by dividing net income available to PLC's common shareowners by the weighted-average number of common shares and dilutive potential common shares outstanding during the period, assuming the shares were not anti-dilutive, including shares issuable under various stock-based compensation plans and stock purchase contracts.

        A reconciliation of the numerators and denominators of the basic and diluted earnings per share is presented below:

	For The Year Ended December 31,
	2011		2010		2009
	(Dollars In Thousands, Except Per Share Amounts)
Calculation of basic earnings per share:
Net income available to PLC's common shareowners	$	315,392	$	225,314	$	249,137
Average shares issued and outstanding		84,309,804		85,638,080		79,579,777
Issuable under various deferred compensation plans		898,808		928,989		908,917
Weighted shares outstanding—basic		85,208,612		86,567,069		80,488,694
Per share:
Net income available to PLC's common shareowners—basic	$	3.70	$	2.60	$	3.10
Calculation of diluted earnings per share:
Net income available to PLC's common shareowners	$	315,392	$	225,314	$	249,137
Weighted shares outstanding—basic		85,208,612		86,567,069		80,488,694
Stock appreciation rights ("SARs")(1)		468,810		467,170		364,691
Issuable under various other stock-based compensation plans		122,027		134,379		138,514
Restricted stock units		675,780		507,239		257,366
Weighted shares outstanding—diluted		86,475,229		87,675,857		81,249,265
Per share:
Net income available to PLC's common shareowners—diluted	$	3.65	$	2.57	$	3.07

⁽¹⁾

Excludes 1,440,047; 1,455,395; and 1,556,873; SARs as of December 31, 2011, 2010, and 2009, respectively, that are antidilutive. In the event the average market price exceeds the issue price of the SARs, such rights would be dilutive to the Company's earnings per share and will be included in the Company's calculation of the diluted average shares outstanding, for applicable periods.