EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2011

EARNINGS PER SHARE

Schedule of reconciliation of the numerators and denominators of the basic and diluted earnings per share

	For The				For The
	Three Months Ended				Nine Months Ended
	September 30,				September 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	$	88,614	$	70,448	$	249,199	$	181,598
Average shares issued and outstanding	83,844,567		85,662,988		84,979,539		85,628,404
Issuable under various deferred compensation plans	877,665		940,581		904,130		927,357
Weighted shares outstanding - basic	84,722,232		86,603,569		85,883,669		86,555,761
Per share:
Net income available to PLC’s common shareowners - basic	$	1.05	$	0.81	$	2.90	$	2.10
Calculation of diluted earnings per share:
Net income available to PLC’s common shareowners	$	88,614	$	70,448	$	249,199	$	181,598
Weighted shares outstanding - basic	84,722,232		86,603,569		85,883,669		86,555,761
Stock appreciation rights (“SARs”)(1)	438,172		468,886		477,383		466,511
Issuable under various other stock-based compensation plans	114,881		110,102		117,453		134,299
Restricted stock units	729,286		519,035		674,307		483,650
Weighted shares outstanding - diluted	86,004,571		87,701,592		87,152,812		87,640,221
Per share:
Net income available to PLC’s common shareowners - diluted	$	1.03	$	0.80	$	2.86	$	2.07

(1) Excludes 1,434,180 and 1,475,645 SARs as of September 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.