EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2011

EARNINGS PER SHARE

EARNINGS PER SHARE

12. 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				For The
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2011		2010		2011		2010
	(Dollars In Thousands, Except Per Share Amounts)
Calculation of basic earnings per share:
Net income available to PLC’s common shareowners	$	93,068	$	41,371	$	160,585	$	111,150
Average shares issued and outstanding	85,434,462		85,634,202		85,556,430		85,610,825
Issuable under various deferred compensation plans	911,754		928,177		917,582		920,636
Weighted shares outstanding - basic	86,346,216		86,562,379		86,474,012		86,531,461
Per share:
Net income available to PLC’s common shareowners - basic	$	1.08	$	0.48	$	1.86	$	1.28
Calculation of diluted earnings per share:
Net income available to PLC’s common shareowners	$	93,068	$	41,371	$	160,585	$	111,150
Weighted shares outstanding - basic	86,346,216		86,562,379		86,474,012		86,531,461
Stock appreciation rights (“SARs”)(1)	495,197		471,503		497,313		465,304
Issuable under various other stock-based compensation plans	96,829		138,173		118,762		146,599
Restricted stock units	715,489		493,980		646,362		465,663
Weighted shares outstanding - diluted	87,653,731		87,666,035		87,736,449		87,609,027
Per share:
Net income available to PLC’s common shareowners - diluted	$	1.06	$	0.47	$	1.83	$	1.27

(1)Excludes 1,446,130 and 1,475,645 SARs as of June 30, 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.