EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2013

EARNINGS PER SHARE

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

	For The Three Months Ended March 31,
	2013		2012
	(Dollars In Thousands, Except Per Share Amounts)
Calculation of basic earnings per share:
Net income available to PLC’s common shareowners	$	78,291	$	99,021
Average shares issued and outstanding	78,206,920		81,449,315
Issuable under various deferred compensation plans	932,472		881,015
Weighted shares outstanding - basic	79,139,392		82,330,330
Per share:
Net income available to PLC’s common shareowners - basic	$	0.99	$	1.20
Calculation of diluted earnings per share:
Net income available to PLC’s common shareowners	$	78,291	$	99,021
Weighted shares outstanding - basic	79,139,392		82,330,330
Stock appreciation rights (“SARs”)(1)	440,164		457,514
Issuable under various other stock-based compensation plans	812,749		435,381
Restricted stock units	314,439		697,910
Weighted shares outstanding - diluted	80,706,744		83,921,135
Per share:
Net income available to PLC’s common shareowners - diluted	$	0.97	$	1.18

(1)Excludes 670,320 and 689,545 SARs as of March 31, 2013 and 2012, 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.