EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2012

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,
	2012		2011		2010
	(Dollars In Thousands, Except Per Share Amounts)
Calculation of basic earnings per share:
Net income available to PLC's common shareowners	$	302,452	$	315,392	$	225,314
Average shares issued and outstanding		80,149,261		84,309,804		85,638,080
Issuable under various deferred compensation plans		917,077		898,808		928,989
Weighted shares outstanding—basic		81,066,338		85,208,612		86,567,069
Per share:
Net income available to PLC's common shareowners—basic	$	3.73	$	3.70	$	2.60
Calculation of diluted earnings per share:
Net income available to PLC's common shareowners	$	302,452	$	315,392	$	225,314
Weighted shares outstanding—basic		81,066,338		85,208,612		86,567,069
Stock appreciation rights ("SARs")(1)		448,936		468,810		467,170
Issuable under various other stock-based compensation plans		588,298		122,027		134,379
Restricted stock units		619,444		675,780		507,239
Weighted shares outstanding—diluted		82,723,016		86,475,229		87,675,857
Per share:
Net income available to PLC's common shareowners—diluted	$	3.66	$	3.65	$	2.57

⁽¹⁾

Excludes 670,320; 1,440,047; and 1,455,395; SARs as of December 31, 2012, 2011, and 2010, 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.