EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2012

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				Nine Months Ended
	September 30,				September 30,
	2012		2011		2012		2011
	(Dollars In Thousands, Except Per Share Amounts)
Calculation of basic earnings per share:
Net income available to PLC’s common shareowners	$	60,480	$	82,857	$	235,656	$	229,358
Average shares issued and outstanding	79,725,407		83,844,567		80,632,108		84,979,539
Issuable under various deferred compensation plans	937,338		877,665		909,354		904,130
Weighted shares outstanding - basic	80,662,745		84,722,232		81,541,462		85,883,669
Per share:
Net income available to PLC’s common shareowners - basic	$	0.75	$	0.98	$	2.89	$	2.67
Calculation of diluted earnings per share:
Net income available to PLC’s common shareowners	$	60,480	$	82,857	$	235,656	$	229,358
Weighted shares outstanding - basic	80,662,745		84,722,232		81,541,462		85,883,669
Stock appreciation rights (“SARs”)(1)	464,504		438,172		460,104		477,383
Issuable under various other stock-based compensation plans	677,218		114,881		568,587		117,453
Restricted stock units	601,636		729,286		617,701		674,307
Weighted shares outstanding - diluted	82,406,103		86,004,571		83,187,854		87,152,812
Per share:
Net income available to PLC’s common shareowners - diluted	$	0.73	$	0.96	$	2.83	$	2.63

(1) Excludes 665,320 and 1,434,180 SARs as of September 30, 2012 and 2011, 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.