EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2013

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				Six Months Ended
	June 30,				June 30,
	2013		2012		2013		2012
	(Dollars In Thousands, Except Per Share Amounts)
Calculation of basic earnings per share:
Net income available to PLC’s common shareowners	$	103,199	$	76,155	$	181,490	$	175,176
Average shares issued and outstanding	78,456,663		80,731,368		78,332,481		81,090,440
Issuable under various deferred compensation plans	948,107		908,388		940,333		895,209
Weighted shares outstanding - basic	79,404,770		81,639,756		79,272,814		81,985,649
Per share:
Net income available to PLC’s common shareowners - basic	$	1.30	$	0.93	$	2.29	$	2.14
Calculation of diluted earnings per share:
Net income available to PLC’s common shareowners	$	103,199	$	76,155	$	181,490	$	175,176
Weighted shares outstanding - basic	79,404,770		81,639,756		79,272,814		81,985,649
Stock appreciation rights (“SARs”)(1)	449,726		458,245		444,971		457,880
Issuable under various other stock-based compensation plans	874,019		591,966		843,554		513,674
Restricted stock units	358,723		553,736		336,703		625,822
Weighted shares outstanding - diluted	81,087,238		83,243,703		80,898,042		83,583,025
Per share:
Net income available to PLC’s common shareowners - diluted	$	1.27	$	0.91	$	2.24	$	2.10

(1)Excludes 629,800 and 661,645 SARs as of June 30, 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.